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Philanthropy Australia cites huge opportunity for wealthiest Australians to lift their giving

August 29th, 2022

Philanthropy Australia CEO Jack Heath is calling on the wealthiest Australians to harness the power of philanthropy to transform society for the better.

New research from the Centre of Social Impact has revealed that donation rates of Australia’s wealthiest individuals are not keeping up with the growth in their wealth and they lag behind their international peers - csi.edu.au/hnwgiving.

“We want to encourage the wealthiest Australians to lift their giving and do it in a structured way that maximises impact.  Philanthropy is uniquely placed to back in charities focused on critical societal issues, kickstart innovations, and be catalytic - taking risks that governments won’t,” says Heath.

The new research comes as the Labor Federal Government has committed to work towards doubling giving by 2030. This aligns with Philanthropy Australia’s call to double giving by 2030 through structures such as private and public ancillary funds, sub-funds, and giving circles, along with testamentary and other legacy trusts.

“At Philanthropy Australia, we’re fortunate to engage with many of Australia’s most generous donors who are already helping to transform the lives of individuals and their communities – people and foundations who are giving tens, and in some cases, hundreds of millions of dollars each year to benefit others.

“We’ve heard first-hand from them about the uplift they get from giving.  We want to infect more wealthy Australians with the joy of giving which is why we’re committed to sharing their stories to inspire their peers.  Philanthropy is beneficial for all parties involved - a true opportunity to transform society for the better,” says Heath.

To reach giving goals by 2030, Philanthropy Australia is calling on the government to:

  1. Reform DGR: Australia has around 58,000 charities, but only approximately 30,000 have DGR status (which allows the public to donate and get a tax deduction). Broadening and simplifying access would ensure more charities access DGR, boosting funding for their important work.
  2. Encourage bequests from superannuation: With superannuation balances at death set to reach at least $130 billion by 2059, giving Australians the choice through their superannuation arrangements to leave some money to charity would unleash billions for Australian charities.
  3. Support and grow community foundations. These important place-based entities play a vital role in backing local initiatives.

The 2022 Philanthropy Australia National Conference, ‘For the Love of Humanity: People, Place and Planet’ will take place from 6-8 September in Sydney and will explore how we can bring philanthropy into the future to further support people, place and planet. 

Philanthropy Australia thanks the conference partners:

  • Principal Partners: Paul Ramsay Foundation, AMP Foundation 
  • Major Partner: Perpetual
  • Supporting Partners: Give2Asia, Australian Communities Foundation, JANA, Autism Spectrum
  • Technology Partner: Grant Toolbox
  • Media Partner: Pro Bono Australia

 

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About Philanthropy Australia

Philanthropy Australia is the peak body for philanthropy, serving a community of funders, social investors and social change agents working to achieve positive social, cultural, environmental and community change, by leveraging their financial assets and influence. Our purpose is to inspire more and better philanthropy for a generous and inclusive Australia. Our membership consists of trusts, foundations, organisations, families, individual donors, corporations, professional advisers, intermediaries and not-for-profit organisations

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