Australian businesses give back to the community in record numbers, with the top 50 corporate givers donating $1.5 billion in 2024.Â
This marks a significant 14% increase from 2023, highlighting a growing commitment to social responsibility amidst rising living costs for Australians.
The 2024 GivingLarge report, conducted by Strive Philanthropy, reveals a positive trend in corporate giving. “This year’s record-breaking contributions come at a critical time for Australian communities,” says Jarrod Miles, Lead Researcher for GivingLarge. “With rising living costs and growing societal challenges, corporate giving has never been more important.”
Coles takes the top spot
Coles Group retains its top position for the fifth year running, contributing a remarkable 9.9% of its pre-tax profits to community initiatives. This translates to a generous $178 million in 2024, directed towards areas like food rescue, healthcare, education, and disaster relief. Other leading contributors by percentage include Woolworths, Bendigo & Adelaide Bank, Telstra, and CSL.
Beyond dollars: A growing trend in transparency
The GivingLarge report goes beyond just figures. It also highlights a growing commitment to transparency. More companies are now providing detailed breakdowns of their community investments, including third-party verification and itemised contributions. This commitment to accountability strengthens the importance of corporate philanthropy and ensures a clearer picture of the impact charitable donations make.
Innovation shapes corporate giving
The landscape of corporate giving is evolving, with innovative companies like Who Gives A Crap, Humanitix, Canva, and Atlassian challenging traditional models. These organisations seamlessly integrate social impact into their core missions, redefining corporate philanthropy for a new generation.
“In true entrepreneurial style,” says Miles, “these companies have developed innovative and forward-thinking philanthropic models that have helped to reinvent the relationship between business and community.”
A diverse landscape of giving
The top 50 list reflects a broader, more diverse range of contributors than ever before. Public and private companies, corporate foundations, and even successful social enterprises are all playing their part in shaping Australia’s generous giving landscape.
The 2024 GivingLarge report paints a picture of increasing commitment and innovation in Australian corporate philanthropy. It’s a promising sign that businesses are taking social responsibility seriously and aiming to make a positive impact on the communities they serve.
Also read: Workplace Giving: A Vital Component of Corporate Culture
