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Indigenous Land Fund | ||
| Category: | Organisation | |
| Date: | 1 January 1995 | |
| Sub Category: | Statutory Body | |
| Place: | ||
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| State/Country: | Australia | |
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| Alternative Names: | ||
| Summary Information: | ||
| The Indigenous Land Fund (also called the Aboriginal and Torres Strait Islander Land Fund Reserve) is a public trust account. The Land Fund is gradually being established from annual allocations until 2004, which are invested to provide an ongoing source of funding for the Indigenous Land Corporation (ILC). The ILC is the 'operational arm' of the Land Fund, but the two are administratively separate. The ILC uses the money to help Indigenous people to buy land and manage Indigenous-held land. | ||
| Detailed Information: | ||
| The Land Fund was set up as part two of the Commonwealth's response to the High Court's historic native title decision in the Mabo case in 1992. Part one was the introduction of native title legislation in 1993. The Government recognised however, that the majority of Indigenous people had been dispossessed and would be unable to regain ownership and control of their land through native title processes. The Land Fund was established to help address that dispossession and provide cultural, social, environmental and economic benefits for Indigenous people. The Fund is managed by ATSIC under delegation from the Minister for Finance. The ILC is represented on a Consultative Forum which can express its views on the investment policy of the Fund to the Minister for Finance. | ||
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