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CAMERON LAW – e-newsletter
New funding structure for PBCs
PBCs have access to three streams of funding to build economic empowerment following an extra $75 million of additional funding announced by the Federal Government.
The funding, announced by the Prime Minister last August, also includes a restructure of how the National Indigenous Australian’s Agency (NIAA) funds PBCS.
The new programs replace the previous Basic Support and Capacity Building funding streams.
There is also a third stream for new PBCs to cover startup costs.
In dollar terms this means an extra $10M per year for the first three years, then $16.5M for the following three years across the three programs.
The three streams of funding are:
- operational funding for PBCs to support them to carry out their legislative functions and enable them to engage with Government and industry (we assume this will be the equivalent of the former Basic Support Funding, still runs through NTRB/SPs)
- a one-off establishment payment for new PBCs (this appears to be a new funding stream, which we believe will run directly between NIAA and the PBCs); and
- strategic project grants for PBCs, with an economic empowerment focus, offered through a grant opportunity (which replaces the previous Capacity Building Funding, and runs directly between NIAA and the PBCs).
The Strategic Project Grants Grant Opportunity Guidelines can be accessed here.