Philanthropy is often seen through the prism of giving across generations. But some of Australia’s wealthiest are spending down their family wealth.
Tracy Norman on her property in Salisbury, NSW. “In eight years, if we do our job right, we should have resolved some issues.” Renae Saxby
“Get over yourselves.” That is Tracy Norman’s blunt response to the uproar rattling the genteel world of philanthropy. Once she finishes laughing. “Seriously,” she says. “I mean, hell, what are they doing? We’ve always given away 30 or 40 per cent.”
Norman is talking about the federal government’s decision, announced in February, to increase the minimum amount that foundations need to distribute each year, from 5 per cent of a fund’s net assets to 6 per cent. Philanthropy Australia, the industry’s peak body, opposed the change, arguing that the lower rate should be retained as it allows philanthropists to ensure their foundations can operate in perpetuity.
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