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Corporate Giving in Australia Reaches Record Highs
Corporate philanthropy in Australia has hit a new milestone, with the country’s top 50 corporate donors contributing a record-breaking $1.5 billion to community initiatives, according to the 2024 GivingLarge report. This reflects a 14% increase from 2023, with an additional $171 million invested in social causes.
A Growing Commitment to Giving
This year’s record-breaking contributions weren’t just about the dollar amounts. The percentage of pre-tax profits directed toward communities also rose significantly, reaching 1.21% among the top 50 corporate givers—up from 0.79% in 2023.
Top Contributors
For the fifth consecutive year, Coles Group topped the list, allocating 9.9% of its three-year rolling pre-tax profit to the community. This equated to $178 million, which was channeled into causes like food rescue, health, education, and disaster relief.
Other notable contributors included Woolworths, Bendigo & Adelaide Bank, Telstra, and CSL, which led in percentage terms. Meanwhile, BHP, Rio Tinto, and NAB joined Coles and Woolworths as the top dollar donors. Impressively, 20 of the top 50 companies increased their donations by over 15% compared to the previous year.
The largest growth came from six companies—Santos, Telstra, NAB, Rio Tinto, Woolworths, and Coles—which collectively added over $160 million in new contributions to their community investment portfolios.
Focus Areas
Funds from Australia’s leading corporate donors were directed toward key sectors, including social welfare, health, education, and the environment. These investments demonstrate a broad commitment to addressing critical societal challenges.
The Rise of Progressive Companies
A new wave of young, progressive companies is reshaping the corporate giving landscape. Organisations like Who Gives A Crap, Humanitix, Canva, and Atlassian have integrated social impact into their business models from the start. Their contributions showcase a commitment to redefining philanthropy and embedding giving into their missions.
Transparency and Accountability
More companies are adopting transparent reporting practices, securing third-party assurance, and itemising their community contributions. This increased transparency not only enhances accountability but also builds trust among employees, consumers, and nonprofits.
Meeting Community Needs
The 2024 report highlights the critical role of corporate giving during challenging economic times, as Australians face rising inflation, interest rates, and energy prices. With individual donors feeling the pinch, corporate Australia’s contributions are stepping up to fill the gap and support those in need.
As Jarrod Miles, Lead Researcher for GivingLarge, explains:
“2024 results build on years of consistent growth, highlighting that corporate giving has evolved into a steady and integral part of business operations rather than a temporary response.”
About the GivingLarge Report
The GivingLarge Report, now in its seventh year, is an annual analysis conducted by Strive Philanthropy. It compiles data from the publicly available reports of Australia’s largest companies to spotlight their charitable efforts. Supported by Philanthropy Australia, the report aims to inform corporate behaviour, encourage greater contributions, and promote transparency in community investments.
