Prime Minister Anthony Albanese has unveiled a plan to lift Indigenous communities out of poverty, saying it is time First Nations people were supported to “unlock the true potential of their land”.

Mr Albanese addressed the Garma Festival in north-east Arnhem Land on Saturday, announcing a new economic partnership between the Commonwealth and First Nations people.

The address marks the first significant announcement from the federal government on Indigenous affairs since it swept back into power with an increased majority at the May election.