Nicola Forrest donates $500m-plus to own charity foundation

Summarised from 2 outlets · 3 reports · Updated 9 Oct, 03:19 · Archive

Australia's second-richest woman, Nicola Forrest, is donating more than $500m to her Coaxial Foundation, marking the largest philanthropic donation by a living person in the country. The donation comprises $125m cash and 25m Fortescue shares, which will remain as shares in the funding pool. Based on Fortescue's Thursday closing price of $15.79, the donation totals almost $520m.

The foundation's first partnerships since its 2023 creation will support three recipients. A total of $30m over six years has been allocated to Cape York Partnership, $7.1m over three years to SNAICC (a national Indigenous children and family peak body), and up to $30m to venture capital firm Antler, including a $20m investment into a specific fund. Ms Forrest said the donations target economic empowerment supporting women and families.

In a statement, Ms Forrest explained her motivation: 'I have a great belief in this wonderful country that we live in. I just think that it should be the lucky country, but we are seeing more and more that there is a great divide between people that have opportunity and those that don't.' She told The West Australian she was driven by a desire to address 'the devastation across this country, particularly regionally, and the lack of hope that you see in young children'. Ms Forrest's wealth has been estimated at about $17bn. Perth Now reports that her children do not want to inherit great wealth.

How it is being reported

• Nicola Forrest donates half a billion dollars to charityOne of Australia’s richest people is donating a breathtaking amount of money to charity, saying there is “so much that needs to be done”.The West Australian · 9 Oct, 02:54
• Nicola Forrest donates half a billion dollars to charityOne of Australia’s richest people is donating a breathtaking amount of money to charity, saying there is “so much that needs to be done”.Perth Now · 9 Oct, 02:53
• Nicola Forrest makes largest philanthropic donation by living person of $500m-plus to Coaxial FoundationAustralia’s second-richest woman will put more than $500m into her own philanthropic vehicle Coaxial to help address “devastation” in communities across the country.The West Australian · 8 Oct, 15:00

In this story: Nicola Forrest · Coaxial Foundation · Antler · Cape York Partnership · SNAICC · Fortescue · Australia

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