WA Resources Boom Must Leave Philanthropic Legacy: Costello
5 October 2011 at 12:48 pm
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The head of Australia’s largest aid and development organisation has called on Western Australian individuals and companies to create a ‘legacy of philanthropy’ that outlasts the current resources boom.
Rev Tim Costello, CEO of World Vision Australia, says WA needs to ensure that the benefits of the resources boom live much longer that the current surge of profits, much like the legacy of the Victorian gold rush.
Rev Costello says the 1850’s Victorian gold rush not only produced tremendous wealth but also created a culture of philanthropy in the state that is still evident today.
Speaking at a Giving West function at WA’s Government House, Costello says it’s remarkable that Victoria – with just 25 percent of Australia’s population – remains such a strong epicentre of philanthropy, accounting for over half of the philanthropic trusts in Australia.
Rev Costello voiced concerns that although Western Australia’s personal wealth has grown faster than any other state, levels of giving aren’t growing at the same rate.
Rev Costello says Western Australians are very generous, with 90 percent of the population giving to good causes, however the dollar value of their donations is lower than Australia’s as a whole.
He says Western Australia have a rare opportunity to start building a philanthropic legacy now that will still be looked at 100 years from now with pride, gratitude and as a source of ongoing inspiration. WA must take action while the opportunity is there, and not wait for the boom to peak – Costello says this will come and go before they realise it.
Rev Costello says as head of World Vision he sees tremendous generosity displayed by everyday Australians, and he is sure Western Australian individuals and companies will rise to this historic opportunity.