Philanthropy Australia welcomed the announcement by the Shadow Assistant Minister for Charities, the Hon Dr Andrew Leigh MP, that a Labor Government would direct Treasury to work closely with those on the frontline to determine how we can double philanthropic giving by the end of the decade.
Jack Heath, CEO of Philanthropy Australia, said: ‘This commitment could be transformative for Australia. Doubling giving would see billions of new dollars flowing into the charitable sector. Ultimately, it means more support for people in greatest need, and more funding to address the greatest challenges our country faces.’
‘It’s been a big fortnight for philanthropy. Last week, Minister Sukkar announced historic reforms for community foundations and now Dr Leigh has announced a plan to work collaboratively with key sectors to double giving’, said Mr Heath.
In combination, these announcements pick up key components of Philanthropy Australia’s Election Statement, A National Action Plan to Double Philanthropic Giving to Australian Charities by 2030, available here: https://www.philanthropy.org.au/tools-resources/2022-election-statement/
Heath said, The double giving by 2030 goal is bold but achievable. With $1.1 trillion set to pass between generations by 2030, we have an unprecedented opportunity to draw on Australia’s rising wealth to provide more support for people in greatest need.’
Sam Rosevear, Philanthropy Australia’s Executive Director, Policy, Government Relations and Research said ‘There are policy reforms available to get this done. Giving Australians the choice through their superannuation arrangements to leave some money to charity when they pass would be particularly powerful. With super balances at death set to reach at least $130 billion by 2059, this reform alone would unleash billions for Australian charities. The Deductible Gift Recipient (DGR) framework could also be reformed, so people can get a tax deduction for donating to the vast majority of Australia’s 58,000 charities, rather than just around 30,000.’
Mr Rosevear also expressed appreciation for the policy process outlined by Dr Leigh: ‘This collaborative approach is a great way to make policy and set a new strategic direction for philanthropy in Australia. It sets a visionary and inspiring goal to double giving. By harnessing the ideas, effort and resources of the philanthropic, for-purpose and business sectors, the process is well positioned to develop a powerful agenda to turbo-charge the culture and practice of giving in Australia.’