Braden Hill said the agreement was potentially an unprecedented act of self-determination to provide the basis for investment in Noongar communities independent of government and driven by the needs and aspirations of Noongar people.
Premier Colin Barnett said under the terms of the settlement, $1.3 billion would be transferred over 12 years " including annual funding instalments of $50 million for 12 years " to support Noongar economic and cultural development.
Up to 320,000 hectares of Crown land would be transferred to the trust for cultural and economic development.
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READ NOWMr Hill said the "well developed, thoughtfully considered and innovative agreement" went far beyond what Native Title was able to deliver indigenous people and would benefit the community as a whole, Noongar and non-Noongars alike.
"Improvements for Noongar communities are improvements for the broader community," he said.
"Income that flows directly into community development activities on Noongar country will impact positively on all our communities.
"This agreement allows for our younger generations to develop positive identities that empower them to fully engage with WA's social, economic and political life. This can only be a positive thing for the entire community.
"The prioritisation of language and culture is very exciting. It will allow for Noongar communities to enliven cultural practices and strengthen our connections to country."
Mr Barnett said one of the most significant aspects of the settlement would be the Noongar (Koorah, Nitja, Boordahwan) (Past, Present, Future) Recognition Bill 2014 that recognises the Noongar people as traditional owners and acknowledges their contribution to the heritage, cultural identity and economy of the State.