Corporate giving grows to $1.5 billion: GivingLarge report

The 2024 GivingLarge report has revealed that Australia’s top 50 corporate givers contributed a record $1.5 billion to community initiatives in FY 2024. The 2024 philanthropy marks a 14% increase from 2023 (an additional $171 million).

The 2024 report data underscores the importance of corporate giving as Australians grapple with significant cost-of-living pressures, including rising inflation, interest rates, and energy prices.

Companies are continuing to increase their contributions, with this year’s results showing not only record donations but also an improvement in the percentage of pre-tax profits invested in communities, reaching 1.21% of pre-tax profit, a notable increase from last year.

Coles Group emerged again as the number one ranked company (fifth year in a row), contributing 9.9% of its pre-tax profit (rolling 3-year) to the community, which in 2024 equated to a $178 million contribution. These funds were directed towards areas such as food rescue, health, education, and disaster relief. Other leading contributors by percentage included Woolworths, Bendigo & Adelaide Bank, Telstra and CSL, while top dollar contributors included BHP, Coles, Woolworths, Rio Tinto and NAB.

Funds from Australia’s leading companies were directed to charities and community organisations working in key areas such as social welfare, health, education and the environment.

Philanthropy Australia have been long-term supporters of the report and commented on the results and the continued opportunity for corporates in this area, CEO Maree Sidey said in the report’s foreword:

“Congratulations to Strive Philanthropy for this important research work. It is fantastic to read that the top 50 companies collectively invested more than $1.5 billion into communities – a new benchmark for corporate giving”

The report also highlighted substantial growth in giving from sectors like finance, consumer goods, and energy, with 20 companies in the top 50 increasing their contributions by over 15% compared to the previous year.

The 2024 growth was predominantly driven by six companies that each lifted their contributions more than $20 million versus 2023. Santos, Telstra, NAB, Rio Tinto, Woolworths and Coles all reaching deeper into their pockets in 2024, with their total increase amounting to more than $160 million of extra funds to the community.

“This year’s record-breaking contributions come at a critical time for Australian communities,” said Jarrod Miles, Lead Researcher for GivingLarge. “With rising living costs and growing societal challenges, corporate giving has never been more important. The $1.5 billion milestone is not just a financial achievement; it reflects growing commitment from businesses to engage meaningfully with the needs of the communities they serve.”

“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,”

A development in this year’s report was the continued emergence from a growing list of newer companies like, Who Gives A Crap, Humanitix, Canva, and Atlassian who are challenging traditional models of philanthropy and giving large amounts to the community.

These innovative organisations are reshaping the relationship between business and giving, seamlessly embedding social impact into their missions and redefining corporate philanthropy in the process.

Jarrod said: “In true entrepreneurial style these companies have developed innovative and forward-thinking philanthropic models that have helped to reinvent the relationship between business and community. Doing so by placing the firm’s desire to do good in the world right next to their imperative for financial success. An approach that has been met with firm support. It seems to have strongly and sustainably resonated with their customers and employees who they bring on a kind of socially minded adventure year in year out.”

The top 50 list now reflects a diverse range of contributors, including public and private companies, corporate foundations, and successful social enterprises, marking a significant evolution in Australia’s corporate giving landscape.

The GivingLarge 2024 report also highlights a growing trend in best practice reporting. An increasing number of companies are providing transparent data on their community investments, securing third-party assurance, and itemising contributions. This commitment to transparency further underscores the rising importance of corporate philanthropy and ensures greater accountability for community outcomes.

GivingLarge is also used as a source for Australian Financial Review’s Top 50 Corporate Givers List, published in today’s BOSS magazine. Miles works with JB Were’s John McLeod to pull together a top 50, which also includes disclosed investments from several other private companies and corporate foundations. 

The GivingLarge report is available for purchase at https://strivephilanthropy.com.au/research-reports/