ANZ has introduced 'Fuelling the Fire', its first-ever First Nations Strategy, marking a significant initiative within the Australian banking sector. The ten-year plan aims to foster economic self-determination for First Nations communities by leveraging the strengths of both ANZ and these communities.
This strategy is aligned with ANZ's mission to support thriving people and communities, focusing on integrating First Nations people more inclusively. It represents a shift in how ANZ collaborates with First Nations peoples, moving towards a long-term partnership as part of its reconciliation efforts.
Deloitte Access Economics was commissioned by ANZ to assess the potential of the First Nations economy by 2050. The findings show that this sector has been expanding rapidly, growing at 7.3% over five years up to 2021, with new businesses forming at four times the national average rate.
According to Deloitte's report, the First Nations economy could generate $50 billion annually within the next decade. Nuno Matos, ANZ Chief Executive Officer, stated: "Today marks an important step forward for ANZ as we launch our inaugural Australian First Nations Strategy. This is more than a social endeavour – it’s a business-wide strategy that will transform how we operate, partner and grow."
Shelley Cable, Head of First Nations Strategy at ANZ, emphasized: “This strategy builds on ANZ’s existing track record and harnesses ANZ’s strength and scale to back First Nations ambition with capital, capability and commitment."
Professor Deen Sanders OAM from Deloitte Access Economics highlighted: “As a measure of growth, employment, productivity and opportunity, we should be championing the investment opportunity that sits in the entrepreneurial mindset."
By 2035, ANZ plans to focus on three main priorities: improving financial inclusion and wellbeing among First Nations people; supporting and expanding their economy; and enhancing cultural intelligence across all levels of ANZ.
The development of this strategy involved contributions from over 60 First Nations individuals including Traditional Owners and business leaders across Australia. Additionally, insights from more than 400 ANZ employees were incorporated into shaping this initiative.
ANZ's previous experience includes being the first major Australian company to register a Reconciliation Action Plan in 2007. The current strategy builds upon this foundation while drawing inspiration from fire as a symbol of connection and strength for First Nations communities.
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