Nicola Forrest lifts the lid on her plans to give away wealth helping kids and families

Australia’s greatest resource is not iron ore or other mineral riches but its human potential, according to Nicola Forrest.

Nicola Forrest is using her personal wealth to improve early learning programs for disadvantaged children and their families.

Australia’s greatest resource is not iron ore or other mineral riches but its human potential, according to Nicola Forrest.

Ms Forrest wants to give more kids a great start in life and will use entities she has set up under the name Coaxial in the past two years to redistribute personal wealth to help drive positive social change across the country.

The billionaire philanthropist and businesswoman shared her vision for Coaxial with The Australian as she reaches takeoff with the next stage of a longstanding commitment to helping children and families.

Her intent is to use business arm Coaxial Ventures, which holds 50 million shares in iron ore miner Fortescue, and the not-for-profit Coaxial Foundation to use venture capital, philanthropy, advocacy and partnerships to unlock the potential of more Australians.

Ms Forrest has recruited a new leadership team as part of efforts to boost early childhood learning, gender equality and community wellbeing using her own wealth.

Coaxial Foundation’s initial project, called Oasis, is aimed at boosting access to quality early learning in so-called childcare deserts defined as areas where there are more than three children vying for every childcare place.

“Australia is a prosperous nation. However, too many people still experience disadvantage based on their gender, ethnicity, or postcode – limiting potential and inhibiting our nation’s social, cultural and economic advancement,” Ms Forrest said.

“Put simply, Coaxial wants to invest in human potential – Australia’s greatest resource.”

It is understood Coaxial Ventures will focus on business ventures and investments that can complement and help fund Ms Forrest’s goals in philanthropy.

The Fortescue shares, currently worth almost $1bn, were transferred to Coaxial Ventures in June last year shortly before Nicola and Andrew Forrest – the Fortescue founder and executive chairman – confirmed their separation after 31 years of marriage.

Julia Davison, the founding chief executive of Goodstart Early Learning, will become chairwoman of the Coaxial Foundation.

Prominent Indigenous leader Tanya Hosch, the boss of inclusion and social policy at the AFL and co-chair of NAB’s Indigenous advisory group, will also join the board.

And Alyssa Lane, who has a long history in strategic philanthropy via Vodafone and Westpac, has been appointed head of the foundation.

In one of its first acquisitions, Coaxial has purchased the derelict Terminus Hotel in Fremantle for $4.5m from the WA government. Its plans involve redeveloping the hotel, built in 1887, to benefit the community.

Coaxial Foundation received a big tick from the Albanese government when it was granted deductible gift recipient status by specific listing in the mid-year economic and fiscal outlook. The move came hot on the heels of the government’s $1bn pledge to provide 160 new early learning services in childcare deserts nationwide.

Project Oasis will seek to boost access to high-quality early learning in childcare deserts, which are often found in low-income and outer suburbs and in regional and remote communities.

“Coaxial hopes to set up more Australian kids for a great start in life, help working families get ahead, and boost economic prosperity – particularly for women and particularly in regional Australia,” Ms Forrest said.

Project Oasis is the result of 18 months of consultation with key collaborators, including Social Ventures Australia, the Centre for Policy Development, governments, service providers and communities. Coaxial said the project was based on the role early learning can play in supporting children’s development and providing a springboard for lifelong learning.

Ms Forrest has supported work to give young children the best chance in life for the past 20 years. The work with Coaxial represents the next chapter in her commitment to donate the majority of her wealth in her lifetime as a signatory of the global Giving Pledge started by Warren Buffett and Bill Gates and Melinda French Gates.

Ms Davison, a former CEO of Flinders Medical Centre and current director of the Paul Ramsay Foundation, said Ms Forrest’s ­vision for Coaxial was inspiring.

“I am motivated by the organisation’s bold ambitions, pragmatic approach, hyper focused nature and genuine desire to help every Australian reach their life potential.” she said. “Participation in high-quality early learning is a critical foundation for all children. Too many children and families are missing out due to availability, access and quality issues. Our ambition is to address that – at speed and scale.”

Ms Hosch said the foundation would take expert advice on how to support First Nations organisations and communities to give ­effect to self-determination in early learning and childcare.

“By supporting First Nations children and families to access quality and culturally relevant early learning services, we believe more children will enter school with the cultural esteem and skills they need to succeed,” she said.

Ms Davison and Ms Hosch join Ms Forrest on the foundation’s board along with Bree Fraser and former South Australian premier Jay Weatherill.

The granting of deductible gift recipient status means the foundation is entitled to receive donations that are deductible from the donor’s income tax. Coaxial Foundation is now one of only about 230 entities to receive specific listing out of about 29,000 entities with deductible gift recipient status.

Ms Forrest acknowledged the government’s $1bn pledge on new early learning services, while noting support for better outcomes across all political parties.

“I know politicians from all sides care about this issue and I look forward to more detail, commitments and opportunities for alignment with both the government and opposition,” she said.

“Giving the next generation the best possible start in life should be beyond politics and election cycles.”

Ms Davison said talks would continue with all sides of politics given the investment required to tackle the childcare deserts issue, and the number of children and families who were missing out.

“In particular, Coaxial Foundation would support reform and funding models which meet the needs of all children and which ensure long-term viability of services in deserts,” she said.

The official launch of Coaxial and its first major philanthropic program is expected in the first half of 2025.

Coaxial Ventures is in early stages of development, but has started work on governance, strategy and programs ahead of a public launch in 2025.

Coaxial Foundation was registered as a charity with the Australian Charities & Non-Profit Commission in January 2024.