Donations from Australia’s biggest private givers have jumped to a record $1.25 billion.
Australia’s three biggest philanthropic foundations gave out $585 million last year, making up almost half of total spending by the top 50 givers.placed at No. 1 on the Financial Review Philanthropy 50 list for the first time, spending $225 million. Minderoo was followed by Yajilarra Trust, established by MYOB founder Craig Winkler and his wife, Di, and the Paul Ramsay Foundation, which was set up after the billionaire died in 2014.to a record $1.
“Donations to support the Yes campaign for the Voice referendum were generally made with a view to advancing the lives of Indigenous Australians and so are considered a social issue, fitting under charitable causes,” says McLeod, adding this was different to supporting a political party. “The main organisations receiving the funds were registered charities with tax-deductible status.”
Universities, arts and medical research are still the main beneficiaries of high-net-worth philanthropy. But as the younger generation moves up the ranks, includingFour major bequests made the list this year. McLeod says such bequests, along with the 16 charitable trusts and foundations established by founders who are now deceased, highlight the importance of the looming intergenerational wealth transfer to further boost philanthropy in Australia.
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