The First Peoples' Assembly of Victoria, a democratically elected group tasked with negotiating a statewide treaty, shared the insight ahead of talks with the government later this year.
Co-chair of the assembly Rueben Berg said a taxpayer-backed self-determination fund would enable different Indigenous groups to enter their own treaty negotiations with the government.
"The self-determination fund has that broader aspiration around building wealth and prosperity for our communities," the Gunditjmara man told the Yoorrook Justice Commission on Wednesday.
"I would say that aligning with some of those future aspirations and the capacity to have a fund that is completely controlled by First Peoples for the purpose of First Peoples - it's a strong model to be able to move forward with."
Ngarra Murray (left) and Rueben Berg gave evidence at the Yoorrook Justice Commission hearing. (Joel Carrett/AAP PHOTOS)
Yoorrook is creating an official public record on the impact of colonisation on Aboriginal people in Victoria and will recommend actions to address historical and ongoing injustices.
It will inform the state's treaty negotiations.
Treaty aims to provide a path to negotiate the transfer of power and resources for First Peoples to control matters impacting their lives, the assembly said.
Mr Berg said the use of any potential funding structure already lagged Australia's international counterparts.
"These are not outlandish things that are being considered," he said.
"These are things that sit within the context of a standard way of approaching these sorts of considerations from a global perspective."
Assembly co-chair Ngarra Murray also addressed the commission on Wednesday and detailed how the ownership of land, water and resources was central to treaties.
"That is what (Indigenous Victorians) will look at and consider around reform in regards to their country," the Wamba Wamba, Yorta Yorta, Dhudhuroa and Dja Dja Wurrung woman said.
"But we'll look at barriers we can remove around specific law reform.
"And there's a lot of issues that we hear from traditional owners and community that shouldn't wait just for treaty to activate."
Ms Murray told the hearing how ownership of land, water and other resources was central to treaties. (Joel Carrett/AAP PHOTOS)
In an earlier statement, Mr Berg said the assembly was still in the process of gathering ideas and feedback from Indigenous communities.
"The priorities we'll take into the first round of talks are firming up and are very likely to focus on transferring relevant decision-making powers from government to First Peoples," he said.
In 2023, Yoorrook called for Victoria to set up a standalone child protection system and give Aboriginal people the right to self-determination in the criminal justice system.
They were among 15 recommendations still under consideration, with the state government's long-awaited response to an interim report widely slammed by Aboriginal and legal groups earlier in April.
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