Richest 250 2021: Alexandra Burt says ‘philanthropy can do some amazing things’ as Fortescue’s Andrew Forrest tops givers list
Australia’s wealthy are involved in charity pursuits at a much earlier stage of their career than ever, with young tech elites leading the way.
Billionaire Andrew Forrest has committed more than $2bn to charitable causes, spending almost $90m alone last year to make him the biggest individual donor on The List – Australia’s Richest 250.
Mr Forrest and wife Nicola head a philanthropic effort that is helping to end slavery and cancer, funds Indigenous programs and other causes such as cutting plastic in the ocean and fighting the rise of artificial intelligence and its threat to democracy.
Their Minderoo Foundation distributed $88m last year, more than any other member of the List and enough for him to place on the Top 25 Philanthropists List compiled by The Australian and published in The List on Saturday.
The Forrests’ foundation also spent $200m on behalf of Australian governments to secure COVID-19 test kits and personal protective equipment at the height of the pandemic.
COVID was also a big blow to the art sector as performances and shows were cancelled. Wealthy benefactors stepped in to save ¬organisations such as Sydney’s Carriageworks and other causes.
West Australian billionaire Alexandra Burt donated $3m to the West Australian Ballet, which had to cancel its Genesis season of contemporary choreography last March.
She regards philanthropy as a combination of chequebook and love as it allows her to engage meaningfully with ballet, classical music and exhibitions.
“Where the capacity is there, philanthropy can do some ¬amazing things,” Ms Burt says in an interview published in The List.
“Financially, each of these companies — dance, and the performing arts — [has] a need for ongoing operational support … but if they know they have some philanthropic support behind them, it gives them confidence, it gives them faith.”
Mr Forrest is also at the peak of his earning powers, with his Fortescue Metals Group making record profits from shipping iron ore to China.
He has collected more than $3bn in dividends in the past three years and has ploughed much of the proceeds into his charitable foundation.
He is similar to many younger members of The List, who are getting involved in philanthropic matters much earlier than other generations of business leaders in the past few decades.
The List debutante and Queensland businesswoman Cathie Reid says: “Historically, it was a case that philanthropy was something you did in your retirement after you’ve made all your money. I think that is actually wasting a lot of years in which you can be making a difference.”
Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar oversaw $37m in donations in the past year, including $US10.5m to the Room to Read program in the US.
The pair has started the Pledge 1 per cent program, where companies and employees donate 1 per cent of their time, equity, product and profit to causes.
Mr Farquhar says it was a response to what he believes is a mounting problem in Australia of businesses lagging behind the rest of the world when it comes to giving back.
“There’s some misbelief that to give back, you have to be old and rich and grey,” he says.
“Corporate philanthropy shouldn’t be something you just do at the end of your career — that’s a total farce.”
Sydney identity Judith Neilson and her former husband Kerr Neilson donated more than $30m combined, much of which went to arts causes.
Other members of The List backed bushfire recovery efforts, food programs, medical research centres, education facilities and museums, and various other causes.
Many wealthy individuals and families are still shy about discussing their philanthropic endeavours in detail, though.
Ms Reid, however, says she believes there are benefits in going public.
“There are always people prepared to throw brickbats I suppose, but the reality is if you don’t speak about it, then other people don’t hear the message.
“At the end of the day, I don’t really care what the motivation is. But if it actually inspires people, then the benefits certainly outweigh the negatives.”
–The full 2021 edition of The List – Australia’s Richest 250 is published in The Weekend Australian on Saturday, March 20 and at theaustralian.com.au/topics/richest-250
