Adam Davids, managing director at First Nations Equity Partners, told summit delegates that there is a lack of direction for the private sector to be better contributors to reconciliation.

When complete, Australia’s sustainable finance taxonomy will provide the infrastructure and guidance needed to direct capital toward First Nations communities and outcomes. It aims to include First Nations rights and considerations as part of its social safeguards.

“Most banks have some form of sustainable funding or sustainable finance targets,” said Charles Davis, head of ESG at Commonwealth Bank of Australia. “The issue, as we sit here today, is that what defines a sustainable activity, asset or entity from an eligibility perspective is somewhat fragmented across the market.”

Alongside the development of a taxonomy, Emma Garlett, industry fellow at University of Queensland’s Sustainable Minerals Institute, said free prior and informed consent is an important part of ensuring that community work is done efficiently and effectively. But Australia currently has no standardised principles on how to do so.

Garlett said: “Free prior and informed consent presents an opportunity for First Nations peoples to be involved where they would not have had the opportunity otherwise. It is an opportunity for systems change and to facilitate quicker capital flow and project approvals, and to manage and mitigate risks – including reputational, litigation and time risk.”

Indigenous Business Australia is adapting traditional lending processes to improve interaction with its First Nations Australians customers. This includes co-financing home loans in partnership with Bank Australia and Australian Unity.

According to Kirsty Moore, chief executive officer of Indigenous Business Australia, this type of cooperation means the organisation’s limited capital can go further.

She said more could be done by banks to “reimagine the relationship” with the entirety of their customer base. “Quite a few banks have reconciliation action plans as well as financial inclusion action plans. It would be good have a stronger focus on the financial inclusion piece, to really listen to what First Nations peoples are looking for,” Moore told delegates.

In the same vein, First Nations Equity Partners research suggests 20-22 per cent of ASX200 companies have reconciliation action plans but none is conducting racial pay audits.

Davids said: “The ASX200 represents the largest and most influential group of companies in Australia. I would like to see institutional investors in particular embed First Nations perspectives into the way in which they support and encourage these firms in their activities. There is a serious amount of untapped resources and support available for the benefit and inclusion of Indigenous Australians.”