Disaster relief helps to drive continued record breaking giving from Corporate Australia
2nd December, 2022
Contributions from Corporate Australia to the most vulnerable in the community continued at record levels in 2022.
A comprehensive financial analysis of Australia’s top companies found over $1.22 billion was invested into philanthropic efforts in 2022 from our top 50 corporate givers – up $50 million from last year’s record total.
Now in its fifth year, the GivingLarge Report provides an annual record of corporate philanthropy in Australia. The research shines a light on corporate giving, examining the community investments made by Australia’s largest public and private organisations.
Growth of 4% in total giving was warmly welcomed and comes after already strong increases in 2020 and 2021 driven primarily by support for disasters and COVID-19.
“This year’s increase came at an important time with the varied challenges of the year putting unique strains on our community. Damaging and life-threatening floods, escalating international conflict, continued economic downturns and a lagging viral pandemic all affecting us in different ways.” Said report author and Strive Philanthropy Founder Jarrod Miles.
“Significant disaster relief helped to drive the increased contribution we saw which also resulted in a continued upsurge of investment to causes like social and public welfare, public safety and the environment.”
Largest dollar contributions came from BHP, Coles, CSL, Rio Tinto & Westpac while largest percentage contributions (of profit over a rolling 3 years) came from Coles, Bendigo & Adelaide Bank, IAG, CSL and Newcrest.
Supermarket giant Coles ranked number 1 in percentage contribution. Coles contributing $120 million in 2022, representing a remarkable 8.7 per cent of the company’s profit on a rolling 3-year basis. Their 2022 figure on par with last year’s contribution with funds heading towards food rescue, health and disaster relief.
Sally Fielke, Coles Corporate and Indigenous Affairs General Manager, said: “With inflation, floods and the pandemic, we know that many Australians have faced hardship this year, so we have worked closely with our community partners, suppliers, team members and customers to provide meaningful support to our local communities.”
Across the full year analysis, the percentage of pre-tax profit given from Top 50 companies in 2022 was an overall 0.78 per cent, compared to 0.92 per cent in 2021. The change mostly attributable to a large increase in profits across our top companies which offset percentage calculations
“It’s often previous year profits that drive increases in community contribution. So, seeing growth in this year’s giving despite modest 2021 profits is encouraging. Moreover, healthy 2022 profits represent a notable opportunity for companies to increase their community investments in coming years. Lifting percentage contributions up towards (and over) 1% of pretax profit should be an ongoing focus.” Said Miles.
Notably, 14 of the top 50 companies increased their community investment by more than 20% with the increase from the top 4 biggest movers adding more than $73 million to the total.
Growth in giving was highest from our materials sector with large increases from companies like Rio Tinto (+$28 million), BHP (+ $23 million) and South32 (+ $13 million).
Not surprisingly contributions to areas like social welfare, public safety and the environment saw an increase in investment versus last year however most giving (growing 73%) continued to be directed to areas within health, education and social welfare.
Philanthropy Australia have been long term supporters of the report and commented on the continued opportunity for corporates in this area, CEO Jack Heath saying
“Alongside government funding, corporate giving contributes significantly to improved social outcomes. The 2022 GivingLarge report invites our corporate sector to be ambitious – if we are to double corporate giving by 2030, corporate Australia needs to maintain its rolling three-year average of eight per cent growth.”
“The research is a timely reminder of the opportunities we have to grow giving and to create a more generous and inclusive Australia.”
Purchases of the GivingLarge report help to support ongoing research in this important area
The GivingLarge Report is available for purchase here
For more information contact Strive Philanthropy director Jarrod Miles at [email protected]
0434 602 382
Visit www.strivephilanthropy.com.au
Visit www.givinglarge.com.au
ENDS
About GivingLarge
The GivingLarge Report and research sets out to highlight the considerable community contributions being made by some of Australia’s top companies. The research conducted annually by Strive Philanthropy analyses the publicly available reports of our top companies, compiling their community investment statistics to develop a unique data set aimed to draw attention to corporate Australia’s efforts in this area. Supported by Philanthropy Australia, the findings of this report will: Inform future corporate behaviour in community investment; encourage increased contributions & transparency; stimulate best practice sharing and create an environment of healthy philanthropic competition.
About Strive Philanthropy
Strive Philanthropy is a research organisation dedicated to highlighting the notable philanthropic efforts of corporate Australia within our community. By highlighting corporate generosity through focussed research and public awareness efforts we will help to drive valued social change, increased transparency and increased community contributions. Strive has its sights set on working with companies to rapidly grow their mean percentage community investment. A goal that could drive millions of dollars to the Australian community.
