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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 in Australian history.
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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 in Australian history.
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.
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"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."
Billionaire Andrew Forrest is giving away a large chunk of his personal fortune. Photo: Philip Gostelow
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.
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