The First Nations Projects Group is calling on the federal government to implement economic policies including the establishment of an office for the Indigenous economy and an Indigenous investment and trade hub.
"It seems to be that the focus on social policy has come at the detriment of economic policy," group director Rekeesha Fry said.
"We need to rebalance and re-prioritise Indigenous social policies and Indigenous economic policies - both are very important but they both need to work in parallel."
Ms Fry said a First Nations peak body to help traditional owners and Indigenous businesses secure equity participation in major projects on their land would help them gain equity positions in major projects on their Country.
"In doing so it changes us from a passive stakeholder who receives royalty income streams to an active shareholder," she said.
"It just gives us capability uplift over long-term and building an investment portfolio of money that we can then use to invest in our own communities and become sustainable and self-sufficient."
The group is also calling for an Australian Indigenous Foods and Botanicals Authority and investment in Indigenous-led startups and digital skills programs.
After the recent Closing the Gap update showed just five of 19 targets were on track, Ms Fry said a balance needed to be struck between the focus on social and economic policy.
"Closing the Gap is and will remain an important priority to improving the lives of Indigenous Australians," she said.
"What I think has been missing and what's equally important is a deeper focus on Indigenous economic policy."
