29 Mar 10 "Philanthropic sector expands sharply" - Assistant Treasurer
In media release No 2010/054, issued on 25 March 2010, the Assistant Treasurer, Senator Nick Sherry, highlighted the Private Ancillary Fund (PAF) statistics for the 2007-08 financial year, which show continued growth in donations and assets in the philanthropic sector.
PAFs are philanthropic trust funds that can be set up as a vehicle for private giving and they received an increase in full-year donations from $533 million in 2006-07 to $728 million in 2007-08. PAF assets increased from $1.48 to $1.89 billion over the same period. There was a 28.4% increase in the number of PAFs registered during 2007-08 bringing the total number of PAFs to 769.
"It's great to see the philanthropic sector continuing to grow, and grow very strongly," said the Assistant Treasurer.