Aboriginal and Torres Strait Islander Land and Sea Future Fund

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The Aboriginal and Torres Strait Islander Land and Sea Future Fund is fund established in Australia by the Abbott government.[1] It is managed by the Future Fund, and its purpose is to make payments to the Indigenous Land and Sea Corporation.[2]

History

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The Indigenous Land Corporation was established under the Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995,[3][4] following the passing of the Native Title Act 1993.[5][6] Alongside this, the Land Fund was established to pay for the acquisition of properties and businesses in order to benefit future generations of Indigenous Australians, who were not covered by Mabo v Queensland (No 2).[7] The Land Fund was later renamed the Land Account.

Establishment

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On 1 February 2019 the name of the Indigenous Land Corporation was changed to Indigenous Land and Sea Corporation and the Land Account was renamed to the Aboriginal and Torres Strait Islander Land and Sea Future Fund.[1][8] In that year it created the Agribusiness Investment Program, to provide funding for Indigenous agricultural enterprises.[1]

Its remit was expanded to include land and sea and was brought under the purview of the Future Fund.[7]

Suggested reform

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Noel Pearson has suggested that money held in trusts for native title groups could be transferred to the fund.[9]

References

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  1. ^ a b c "History". ILSC. 19 April 2021. Retrieved 11 October 2021.
  2. ^ "Future Fund Management Agency, Australian Government". Future Fund. Archived from the original on 2020-03-12. Retrieved 2025-05-02.
  3. ^ Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995 (Cth)
  4. ^ Forbes, J. R. (1995-06-01). "Indigenous land fund established". Native Title News. 1 (5): 75–77.
  5. ^ "What is the ILC" (PDF). Indigenous Land Corporation. Australian Government. Archived from the original (PDF) on 2 December 2007.
  6. ^ "Indigenous Land Corporation welcomes new era". ILCS. 28 Nov 2018. Archived from the original on 17 June 2019. Retrieved 2 May 2025.
  7. ^ a b Mizen, Ronald; Ker, Peter (2024-06-04). "'Disgraceful' government neglect costs Indigenous funds $1b". Australian Financial Review. Archived from the original on 2024-06-04. Retrieved 2025-05-02.
  8. ^ Dillon, Michae (2018-04-04). "The new Land and Sea Future Fund is merely another financial account within Government". NITV. Special Broadcasting Service. Archived from the original on 2025-05-02. Retrieved 2025-05-02.
  9. ^ Prestipino, David (2024-06-07). "Pearson calls for change to management of Native Title funds". National Indigenous Times. Archived from the original on 2024-06-13. Retrieved 2025-05-02.