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Tuesday 6 Decmber 2005, Media Release

NSWALC WELCOMES IMPRESSIVE INITIATIVE

Today's announcement from Macquarie Bank of its Aboriginal development and investment proposals is an impressive initiative which should be welcomed by everyone committed to sustainable economic and social development for Aboriginal people.

The initiative comes at a crucial time in the history of land rights in NSW.

The land council system is now entering a new phase.

Most of the land claimable under the Aboriginal Land Rights Act (1983) has now been claimed. It has delivered a considerable bank of as yet undeveloped land, much of it in sought after coastal areas. It has been hard won and should not be squandered.

We now have to ensure the orderly, transparent and sustainable development and management of that land for the benefit of all members of the Aboriginal community now, and into the future.

The development and investment funds proposed by Macquarie promise to deliver social and economic benefits not only to Aboriginal people who seek to develop their land but those without development prospects.

It also seeks to convert land dealings into diversified property and investment portfolios to generate a future earnings stream for current and future Aboriginal communities.

NSWALC has been impressed with the professional commitment of those at Macquarie Bank in discussions with the bank in recent months while it developed these proposals.

We were particularly impressed by the personal commitment to the proposals by Mr Bill Moss , Group Head of Macquarie's Banking and Property Group.

NSWALC now calls on other major financial institutions to follow Macquarie's lead and seek new ways to assist the economic and social development of Aboriginal people.

Murray Chapman
Administrator, NSWALC

William Johnstone
Cheif Executive Officer, NSWALC
December 6, 2005