Wagga councillor Richard Foley has called for the introduction of a ‘Treaty-Linked National Social Wealth Fund’ to address First Nation representation and a potential treaty. Photo: Jarryd Rowley.
A Wagga councillor has called for the taxing of super rich groups to fund the creation of a social wealth fund as a means to address First Nations representation and a potential treaty.
Discussion on individual state-based treaties has grown in recent months, with the Victorian Government approving and officially recognising a treaty in October. The passing of the new Statewide Treaty Bill 2025 saw the introduction of the First Nations representative body Gellung Warl.
Conversation around a potential treaty in NSW has since arisen from this landmark decision, with NSW Treaty Commissioner Aden Ridgeway visiting Wagga earlier this month.
A treaty would essentially be a contract between Indigenous Australians and government outlining how the parties should interact and work together.
With calls for a treaty by many First Nations people in the community, councillor Richard Foley has since called for a new direction to introducing a treaty nationally by establishing a ‘Treaty-Linked National Social Wealth Fund’.
According to Cr Foley, the fund would “ensure that Australia’s wealth would benefit all citizens while giving First Nations people guaranteed representation and decision-making power.
“The idea is to tie the fund to a formal treaty with First Nations peoples, creating a dedicated Indigenous trust, while also ensuring the fund benefits all Australians,” Councillor Foley said.
According to Cr Foley, the fund would be financed through modest levies on billionaires, mining giants, banks, and large corporations, with ordinary Australians protected from additional costs.
The fund would invest for long-term growth, with returns used to:
- Provide affordable housing and rental relief
- Fund local infrastructure projects, including roads and public facilities
- Support Indigenous-led programs, cultural initiatives, and land restoration
- Drive regional and community development projects, creating jobs and economic opportunities.
“The governance of this fund would be extremely transparent and robust,” councillor Foley said.
“Strong safeguards are needed to ensure the money is directed where it’s meant to go, not pilfered or wasted. The goal is shared prosperity, with ordinary Australians, regional communities, and Indigenous peoples all benefiting, while holding the ultra wealthy accountable.”
Mawang Gaway secretariat and proud Wiradjuri man Bernard Higgins has been leading the discussion locally around what a treaty could look like.
“We’re not coming for people’s farms. We’re not going to take over. It’s just about recognition and being able to be sovereign people,” he said.
“Just that recognition alone, I think, is pretty important.
“If you think about what should have happened 238 years ago … a treaty should have been done at that time.”
