As June 30th approaches, we are often asked about charitable donations.
Earlier this month, Philanthropy Australia released a submission to the Productivity Commission, entitled A Strategy to Double Giving by 2030.
Australia, for all its per capita wealth, compares badly with many of our international counterparts. The Philanthropy Australia report shows:
- Australia’s giving compares unfavourably with our counterparts.
- Giving in Australia is around 0.81 percent of GDP, compared with 1.84 percent in New Zealand and 2.1 percent in the United States.
- Reaching the US proportion of giving would lift annual giving in Australia from $13.1 billion to $34 billion, a $21 billion increase.
- Reaching the NZ proportion would unleash an extra $17 billion per annum.
As our thoughts turn to the end of the financial year, it is time to ask ourselves some important questions:
- What social impact do I want to have as an individual or as a family?
- Why send money to Canberra as tax when I can redirect some of that money to causes with which I have a connection?
- How do I promote my values and community connections to my family, supporters, carers and community connections?
- Do I want to be involved in creating a fairer and more just society in this country?
These are questions that fuel our estate planning, governance and administration discussions with our clients, when appropriate.
We commend the Philanthropy Australia report to anyone interested in how we need to improve the social impact of our giving as we deal with the rising inequality in Australian society.
Let’s not just give more, let’s give wisely and in a way that is meaningful for us and those with whom we are connected.