EQT accepts Govt’s philanthropy report, distributes $122m in FY23

Equity Trustees has welcomed the release of the Productivity Commission’s new report on philanthropy, Future foundations for giving, after confirming it distributed over $122 million in charitable funds in 2023.

The report, sent to Government on 10 May following an inquiry and a two-year stakeholder engagement process, made several recommendations to boost and strengthen Australia’s philanthropy system to achieve the Government’s goal of doubling giving by 2030 and increasing the number of charities eligible to receive tax-deductible donations by over 10,000.

Equity Trustees was one of several key stakeholders consulted during the inquiry by the Productivity Commission, which was led by Deputy Chair Alex Robson, Commissioner Julie Abramson and Associate Commissioner Krystian Seibert.

“We provided our input into areas of the report such as improving access to philanthropy for First Nations people, the enhancement of structured giving vehicles; and importantly supporting donor choice and public accountability,” Emily Cormack, Acting National Manager of Equity Trustees’ Social Impact team, said.

“We’re happy to see the key elements of our submission reflected in the report. We see it as an important way to build the philanthropic culture in Australia.”

Of the 5,131 total number of grants made in 2023 by Equity Trustees and Australian Executor Trustees (AET), 43 per cent was dedicated to health, including healthcare access, disability services and mental health services; 23 per cent to human services, including family services, child welfare and youth development and shelter and residential care; and 10 per cent to education, including all levels of educational programs.

During the inquiry, Equity Trustees also made a submission which contained the following key points:

• Giving Australians the opportunity to engage with philanthropy through diverse products and increased flexibility;
• Encouraging greater technological innovation to engage the new younger generation of givers – Equity Trustees launched an online giving portal in response to this trend and has developed a soon to be launch ‘Giving made smarter’ campaign to promote it;
• The need to create efficiencies that allow the ‘for purpose’ sector to focus on delivering their intended impact and better engage with donors;
• Further leadership, support and guidance from the regulator on key issues; and
• Finding opportunities to fix inefficiencies in the way charitable trusts benefit Indigenous communities