We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Iron ore mining magnate Andrew Forrest gives a speech at Australia's Parliament House in Canberra, Australia, earlier today. AP Photo/Rod McGuirk
heap of change

Australian mining magnate gives away €266 million in 'act of love'

It is the single biggest donation ever given by an Australian citizen.

AUSTRALIAN MINING MAGNATE Andrew “Twiggy” Forrest has made the biggest single philanthropic donation in Australian history.

Forrest gave away Aus$400 million (€266 million) to a variety of social and scientific causes.

The Australian founder and chairman of iron ore giant Fortescue Metals Group said he and his wife Nicola were making the donation as an act “of love”.

“We’re doing it because it’s very timely in all of the fields which we’re donating to,” the 55-year-old said at a ceremony in Canberra hosted by Hollywood star Russell Crowe.

Some Aus$75 million (€50 million) has been earmarked towards fighting cancer, with the rest aimed at initiatives including tackling modern slavery, improving education and creating better equality of opportunities.

“This is the biggest single philanthropic gift in our history,” said Prime Minister Malcolm Turnbull.

It is a game-changer in the Australian philanthropic community. And it will change the lives of thousands of people here in and around the world.

Turnbull added that he hoped it would inspire others “to show their love by helping those who we can support and we can advance through that commitment of love for mankind”.

Philanthropy in Australia has gathered steam in recent years, with gambling mogul James Packer in 2014 setting up a foundation to give away Aus$200 million (€133 million).

But it still pales in comparison to the much stronger philanthropic culture in the United States, spearheaded by Bill Gates and Warren Buffet’s Giving Pledge movement.

© – AFP, 2017

Read: Australian tax office deputy accused of conspiracy to defraud the government of €110 million

Read: Millionaire tells young people to stop eating avocado toast if they want to afford a house

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.