WA-based mining magnate Andrew “Twiggy” Forrest and his wife Nicola give away $400m to charities
MEGA-mining magnate Twiggy Forrest and his wife, Nicola, have decided to give $400 million away – the largest ever philanthropic donation by a living Australian.
MEGA-mining magnate Twiggy Forrest and his wife, Nicola, have decided to give $400 million away – the largest ever philanthropic donation by a living Australian.
If all goes according to the ambitious plan, it will mean an end to deadly cancers. Communities will be stronger, every child will have their “best chance”, modern slavery will end and there will be “equality of opportunity amongst all Australians”.
The details of these plans are yet to be revealed.
The Forrests swept into Parliament’s Mural Hall on Monday with more than the usual amount of fanfare.
Actor Russell Crowe was emcee, and his mate Jack Thompson was up on stage. There were expert researchers aplenty, all bookended by Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten.
It was a morning of big promises, glamour, and chicken sandwiches.
The WA-based billionaire made his fortune thanks to iron ore, and for years has used his fortune to help those without. Tackling indigenous disadvantage and modern slavery are high on his list.
Mr Forrest’s riches have themselves waxed and waned with the iron ore price. His company Fortescue Metals Group had a huge turnaround last year. As chairman, Mr Forrest is reportedly worth more than $5 billion.
He set up Minderoo Foundation in 2001 – since then it has supported more than 250 philanthropic works.
Now he and his wife spend much of their time on major campaigns such as GenerationOne, to deliver indigenous equality, and the Walk Free Foundation, to get rid of slavery.
Mr Turnbull stood to praise the Forrests’ love, generosity and leadership.
Not since the last same-sex marriage debate has the word “love” echoed so repeatedly through the halls of Parliament.
“This is the biggest single philanthropic gift in our history and the largest donation by living Australians,” he said.
“It is a game-changer in the Australian philanthropic community. And it will change the lives of thousands of people here in Australia and around the world.”
“This is an act of love. It is an act of generosity and above all, it is an act of leadership that will inspire other Australians, now and in the years to come, to show their love by helping those who we can support and we can advance through that commitment of love for mankind.”
Mr Shorten called it an “exceptional act of generosity”.
Mr Forrest said they wanted to encourage Australians to “give what they can”, whether in money or time.
“Recognising it’s a very personal choice - like I have been encouraged by the Gates and the Buffetts and others of the world,” he said.
In fact last year he reportedly sat down with Microsoft founder and philanthropist Bill Gates and his wife Melinda, for a Sydney dinner.
A group of billionaires sat around to discuss giving. Mr Gates – and Mr Forrest – have made the Giving Pledge, promising to donate half their wealth to charity. The Forrests say they will give away the “vast majority” of their money.
He said it’s about giving people a “hand up rather than a hand out”.
“It is the only way that marginalised communities and vulnerable individuals can get ahead,” he said.
The good-news announcement came just days after Mr Forrest’s former Aboriginal negotiator told The Australian that he rushed through deals with local Aboriginal people to get a $1 billion mining program set up.
“Andrew Forrest is not the messiah for our people,” Tony Shaw said.
But all those millions of dollars, flowing through important projects, should ensure the Forrests are saviours for some.
How the $400 million will be split:
■ $75 million for co-ordinating world cancer institutes to make lethal cancer history for the coming generation.
■ $50 million towards building stronger communities.
■ $75 million for higher education and breakthrough research.
■ $75 million towards giving every child their best chance.
■ $50 million towards creating equality of opportunity among all Australians.
■ $75 million towards removing modern slavery from human history.