Mining magnate Andrew Forrest will give away $400 million of his personal fortune to charity.
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'Twiggy' Forrest donates $400m to charity
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Unveiling a $400 million donation to charities and cancer research, mining magnate Andrew 'Twiggy' Forrest stood with politicians in Canberra to celebrate the biggest private donation made in Australian history.
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'Twiggy' Forrest donates $400m to charity
Unveiling a $400 million donation to charities and cancer research, mining magnate Andrew 'Twiggy' Forrest stood with politicians in Canberra to celebrate the biggest private donation made in Australian history.
Fairfax Media first revealed details on the donation overnight but the figure was confirmed by Mr Forrest on Monday morning.
Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten joined Mr Forrest for the announcement at Parliament House in Canberra.
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Mr Turnbull declared the donation an "extraordinary act" and an example of "love, generosity and leadership".
"This is not extracted from you by force of law, this is a matter of conviction, of your love and your commitment," Mr Turnbull told Mr Forrest.
"All of us know that, no matter how successful, know that if life's wheel had turned somewhat differently, we could be much less well off, much less well situated.
"All of us who have done well have been blessed by good fortune. So the generous person, the loving person gives back."
About $75 million will go towards cancer research, another $75 million to higher education, $75 million to childhood education, $50 million towards Indigenous disadvantage, and $75 million will be used to eliminate modern slavery.
Mr Forrest, the chairman of Fortescue Metals Group, and his wife Nicola have a long history of philanthropic gestures but Monday's announcement dwarfs those previous contributions and makes it the single largest philanthropic donation by a living person in Australian history.
While there have been a number of significant donations in Australia, the biggest have tended to come from deceased estates, or from large corporations.
Dr Ronald DePinho, who will benefit from the cancer research funding, said the world was in a position to make a "decisive assault" on cancer. The $75 million earmarked for that initiative will be spent co-ordinating global cancer institutes.
How the donation will be distributed:
- $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
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