Good parenting Dunny

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As for the OP, that's such a complicated question, and I'm crook as a dog, so take all of this with a grain of salt (none aimed at offending, just throwing ideas around, in the interests of thinking about it, fully accepting some may be way off the mark):
- Recognising traditional ownership shouldn't be about race, it should be about the traditional owners, whoever they were. In this case, if they were Indigenous folk, then by all means recognise them. It's worth noting that you can be genetically made up of genes mainly from Europe/Asia/America and still be classified as Indigenous - it's an identity thing, but not one strictly linked to ones genes (although still mostly is).
- Racism is a whole 'nother issue. There are genetic differences, but they're so minor (and the variation within a particular gene pool far larger than the variations between different 'racial' gene pools) that anyone making generalisations based on one thing or another is just dumb. Of course, there's no shortage of dumb people out there, so it happens plenty. That said, there are cultural traits that are a bit more distinct between different groups, but these days cultural and racial groups are so mixed up using race to approximate culture is in most cases not the brightest thing in the world to do.
- My understanding about the apology was that it was driven a lot by the stolen generation, something which didn't stop happening until forty or fifty-odd years ago so many of the affected people are still alive. In that context, when the people who were done over by the policy are still living, I think an apology is in order. James Hardie had to apologise and pay up for screwing over their workers (put a lot of them in jobs where they were likely to contract mesothelioma), and the nation of Australia should apologise and pay up for screwing over some of its people. Same reason Japan apologised to China for its comfort women, an apology which was also appropriate (noting that I'm not suggesting the two treatments are of the same order of badness, no way known).
- Apologising for past treatments of people that are no longer alive gets more complicated. A lot of stuff is inter-generational, and a lot of the Indigenous dispossession only happened in the last 100-150 years, so there will be Indigenous people alive today who are worse off because of colonisation. That said, at a certain point, you need to move forward, and like AroGantz said, the most important thing is to provide opportunities for Indigenous people (and due to the adjustment they may need to make, positive support - ie, aid - to get opportunities in a culture they had foisted on them may be appropriate, although it's important to do it right - there are plenty of examples of help, both in Australia and overseas, where the best of intentions haven't resulted in the best of results. Unfortunately, this is then used by people to suggest there should be no help at all, and it becomes a mess). However, it's very easy for us, being on the right side of history, to say this - it's probably worth getting some views from people that were on the wrong side of European colonialism.