April 21st, 2021
A bold roadmap to grow philanthropy has been unveiled at the Philanthropy Australia National Conference today, 21 April, with the launch of A Blueprint to Grow Structured Giving.
The Blueprint lays out a robust framework for how Philanthropy Australia and the philanthropic, not-for-profit, business and government sectors can work together to supercharge structured giving in Australia – with an aspiration to grow structured giving from $2.5 billion to $5 billion annually by 2030.
The roadmap comes at a pivotal time for Australian philanthropy, with Australia expecting an unprecedented transfer of $2.6 trillion in intergenerational wealth to be passed from baby boomers to their children in the next two decades, and corporate giving at an all-time high.
The Blueprint lays out three key strategic priorities to grow giving – to protect the foundations of philanthropy that work well today, to enhance the building blocks of giving in Australia, and to target specific opportunities with high potential to grow giving.
The strategic priorities are underpinned by ten key initiatives, including removing barriers to donating excess superannuation, reforming the DGR framework, introducing a Living Legacy trust structure and cutting red tape to enable more place-based philanthropy.
Launching the Blueprint today, Philanthropy Australia CEO Jack Heath said the Blueprint lays out an ambitious but achievable framework for growth at a time when it is needed the most.
“As we build back from the 2019-2020 bushfires and the COVID-19 pandemic, it is clear that there has never been a more important time for philanthropy to act, to strengthen, and to grow,” Mr Heath said.
“Philanthropy has a critical and unique role to play in addressing the many pressing social challenges facing society - it can kick-start new ways of addressing disadvantage, take risks where government does not, and provide both immediate and long-term response in times of great need.
“Australia will see $1.1 trillion in intergenerational wealth transferred over the next decade, with almost a third of the transfer ($333 billion) set to occur outside of capital cities. If harnessed for philanthropy, this intergenerational wealth transfer has the potential to supercharge structured giving in Australia by 2030.”
The Blueprint report is stage one of a four-stage process that will be progressed over the next decade. The next stage will involve building a coalition of support and fleshing out the details of the initiatives.
Philanthropy Australia thanks Perpetual and the Paul Ramsay Foundation for their generous support for the Blueprint to Grow Structured Giving. Philanthropy Australia also thanks Social Ventures Australia for their substantial contribution in the development of the Blueprint along with the many others who gave generously of their time, experience, and expertise.
Read more here.
Download the Blueprint to Grow Structured Giving here.
Download the Executive Summary here.