Cormack Foundation

Cormack Foundation Pty. Ltd. is an Australian investment company established to raise funds for the Liberal Party of Australia.[1][2] The company was set up in 1988 and used proceeds from the sale of former Melbourne radio station 3XY.[3]

Australian Electoral Commission records show that the Foundation is an "associated entity" of the Liberal Party. In 2014-2015, the Cormack Foundation received funds of over $12,800 (the disclosure threshold) from (among others) BHP Billiton, Rio Tinto, Telstra, each of the Big Four banks. In 2014-15, it had receipts of A$5,403,207, which were marked as "other receipts",[4] indicating that the receipts are not subject to the tax deductibility limits for political donations.

Since 2002-2003, the Cormack Foundation has been the largest single donor to the Liberal Party, donating A$1.8 million in 2002-03.[5] In 2013-2014, it donated $4.26 million.[6] The Foundation donated $4.46 million in 2014-15.[7]

The Foundation has distributed more than $25 million to the Liberal Party over 22 years to 2007-08 and also in 2008 had investments totaling $58 million spread across 16 blue-chip investments. In 2008 the directors were Charles Goode, Hugh Morgan and John Calvert-Jones.[8]

See also

References

  1. ↑ "Transparency means more than disclosure". The Age. 2004-02-04. Retrieved 2007-09-24.
  2. ↑ "Mysteries remain in political donations". ABC. 2004-02-02. Retrieved 2007-09-05.
  3. ↑ "ALP donations up to $46m under Latham". The Sydney Morning Herald. 2005-02-01. Retrieved 2007-09-05.
  4. ↑ "Associated Entity Disclosure Return - FINANCIAL YEAR 2014-15", Peter Matthey, 14 October 2016.
  5. ↑ "Political donations revealed". The Age. 2004-02-03. Retrieved 2007-09-05.
  6. ↑ "Political donations: Mining hits back at Labor". The Sydney Morning Herald. 2015-05-06. Retrieved 2015-05-06.
  7. ↑ Name Listed on Other Returns - 2014-15, Cormack Foundation Pty Ltd
  8. ↑ Crikey, 18 February 2010, Stephen Mayne: Revealed: The $58m share portfolio that can topple Brumby
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