Mac Bank establishes Aboriginal land “super scheme”

Macquarie Bank announced the creation of a new investment scheme for Aboriginal Land Councils that will see the bank offer local councils the opportunity to sell land to the Macquarie Indigenous Development Fund and invest funds in the Macquarie Indigenous Growth Trust. The trust will invest in shares, bonds and property, similar to a super scheme. The plan has been greeted with scepticism from many Local Aboriginal Land Councils.