As such, the Roadmap sets out the current challenges identified by Traditional Owners before outlining the benefits that would arise if these challenges were addressed. Finally, the Roadmap details the responses needed to address these challenges.

The body of work consisted of 2 years of collaboration and 4 interrelated projects:

• Project 1, State of play of the Victorian First Nation’s economy, involved a stock take of current Aboriginal workers, sole traders, businesses and trusts, covering job numbers and contribution to the Victorian economy.
• Project 2, Sector specific analysis, assemble ‘top down’ information on industries and markets that resonate with the capabilities, assets and interests of Traditional Owners and offer opportunity for significant employment and business growth.
• Project 3, First Nations’ business sector growth potential, assessed economic opportunities and constraints from the ‘bottom up’ perspective of Traditional Owner Corporations and other Aboriginal enterprises across the State.
• Project 4, The Roadmap, brought together the findings from the three previous projects, additional desktop research and consultation with Traditional Owner Corporations and other Aboriginal businesses to develop a Roadmap for accelerated economic development.

A variety of consultants were engaged to complete this body of work and all reports are available on the Federation website. The Roadmap is currently still in draft form and sits with the Federation and Traditional Owner Corporations.

We completed the Roadmap, based on existing findings and further conversations with Victorian Traditional Owners, to ensure that self-determined economic growth recognises, aligns with, and strengthens cultural rights, practices, and values.

Within the Roadmap, a detailed list of responses is organised into 5 broad themes of change. The themes include:

• Recognition of rights
• Reforming the relationship of the Government with Traditional Owners so that it is on a nation-to-nation basis
• Cultural strengthening
• Accelerating cultural governance skills and capabilities
• Improving access to capital, markets and business development.

The Roadmap takes a 'three horizons' approach, which is a long-standing method of strategic management. The approach involves thinking big-picture while maintaining a focus on current needs; it also supports an organisation in focusing on its core strengths while expanding its opportunities and growth into new markets.

• Horizon 1 focuses on addressing structural issues, looking at the legal and policy setting across Victoria. Actions include creating procedural rights, recognising and protecting Indigenous Cultural and Intellectual Property (ICIP), reforming fiscal relationship between governments and Traditional Owner Corporations, and enacting the recommendations of the Yoorook Justice Commission. These actions are to be prioritised immediately and require Government responses.
• Horizon 2 builds on the favourable conditions created in Horizon 1 and looks to address specific Traditional Owner Corporation needs. Potential initiatives include increasing access to finance, exploring of new business ventures, establishing land acquisition funds and delivering Traditional Owner entrepreneurial and economic development training. The initiatives are not intended to be prescriptive, and the Roadmap recognises that a one-size-fits-all approach will not work for Traditional Owner Corporations.
• Horizon 3 builds on both Horizon 1 and 2 and it involves meaningful collaboration from Industry and Government to see Traditional Owner businesses thrive and reach full economic potential. It also creates a financial institution dedicated to supporting the Traditional Owner economy.

The actions proposed within these themes not only guide activities of both the Federation and the Traditional Owner Corporations themselves but clearly set out the required responses and partnerships needed from government and industry to unlock First Nations’ economic development potential. The Roadmap should be seen as a strategic tool for Traditional Owner Corporation to drive self-determined growth and it recognises the inherent connection between economic independence and self-determination.

To support the work, a Cost Benefit Analysis (CBA) was undertaken on a selection of the funded initiatives within the Roadmap. A CBA is a trusted framework used for making a case of future investment. It compares the estimated cost of implementation to the potential social, economic, cultural, and environmental benefits that would accrue to the whole of Victorian community.

The funded initiatives assessed in the CBA did not include reforms suggested across government legislation and policy changes; however, there is high certainty that these would also generate significant social, economic, cultural and environmental benefits.

Of the funded initiatives, it was estimated that an outlay of around $300 million over a 10 year period would deliver over $1 billion in benefits to Victoria over a 40 year period. When discounting to present day values this generated a benefit cost ratio of 2.3 — that is for every $1 invested there is an expected return of $2.30 in benefits to the Victorian community. In other words, the benefits of the initiatives would exceed the costs of implementing them by more than double.

The CBA results demonstrates that the Roadmap can be a pathway to grow together — the changes proposed by the Roadmap are expansive and transformational, but more so are the benefits that will be experienced not only by Traditional Owner Corporations and First Nation peoples but to the whole community of Victoria alike.