Aboriginal Australians were dispossessed of their land after British settlement in 1788 and have since endured systemic injustices.
Unlike some other Commonwealth nations, Australia has never formally examined the full impact of past policies.
The state government said a proper examination was long overdue.
"Today has been owed for 233 years," it said in a joint statement with indigenous leaders on Tuesday.
"233 years of violence, dispossession and deprivation. 233 years of deliberate silence. Today we commit to telling the truth."