Research by JBWere reveals donations by corporates and wealthy individuals to charities is now the fastest growing segment when it comes to charitable giving.
Previously, individuals had provided the biggest contribution to charities. However, through the pandemic corporates and high net worth individuals are stepping up more than ever before.
Donations provided by corporates to charitable organisations is now valued at $5 billion per annum across Australia last year, with BHP and Coles Group leading the pack.
JBWere CEO, Justin Greiner, said the role of corporates was evolving over time.
“Australians expect businesses, especially large ones, to play their part in addressing important social and environmental challenges,” Mr Greiner said.
“Not only does it significantly influence the decisions consumers make when it comes to making purchases, but it also helps attract talent in a competitive market. It also has a large impact on the behaviour of investors looking to generate sustainable investment returns over the long term.”
Commenting on the drivers for Corporate giving, Thinus Keeve, Coles Chief Sustainability, Property and Export Officer said: “As part of our Sustainability strategy, Coles is focusing on how we can be ‘Better Together’, because when we work together, we can make a real difference to our team, our suppliers, our customers and to the communities in which we live and work.”
Charitable giving across Australia is now forecast to reach $45 billion by 2036 with the corporate sector expected to make up approximately one third or $15 billion of this.
