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Old 12th February 2018, 07:42 AM
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Default Catholic Church - dark heart of purple economy

Catholic Church's massive wealth revealed

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The Catholic Church in Australia is worth tens of billions of dollars, making it one of the country’s biggest non-government property owners, and massively wealthier than it has claimed in evidence to major inquiries into child sexual abuse.

A six-month investigation by The Sydney Morning Herald has found that the church misled the Royal Commission into Institutional Responses to Child Sexual Abuse by grossly undervaluing its property treasures in both NSW and Victoria while claiming that increased payments to abuse victims would require cuts to its social programs.

The investigation was based on intricate data from local councils that allowed more than 1860 valuations of church-owned property in Victoria. That showed that across 36 municipalities - including nearly all of metropolitan Melbourne - the church had land and buildings worth almost $7 billion in 2016.

Extrapolated nationally, using conservative assumptions, the church owns property worth more than $30 billion Australia-wide.

This put the Catholic church among the largest non-government property owners, by value, in NSW and Australia, rivalling Westfield’s network of shopping centres and other assets. It dwarfs all other large property owners.

"These figures confirm what we have known; there is huge inequity between the Catholic Church’s wealth and their responses to survivors," said Helen Last, chief executive of the In Good Faith Foundation.



The Herald’s findings come in the wake of the Royal Commission’s final report in December and raises serious new questions about the church’s decades-long bid to protect its assets and minimise compensation payments.

They also call into question the privileges the church enjoys, including billions of dollars in government funding each year to run services, exemptions from almost all forms of taxation, and minimal public accountability.

...
More at link.
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Old 12th February 2018, 08:22 AM
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Default Re: Catholic Church - dark heart of purple economy

It's old, but it seems to have retained its currency...
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Old 12th February 2018, 10:05 PM
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Default Re: Catholic Church - dark heart of purple economy

It could be claimed the opulence is a bit overstated.
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Old 13th February 2018, 09:01 AM
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Default Re: Catholic Church - dark heart of purple economy

Home$ is where the Hart is.

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The price the church paid for the two properties – $2.5 million – is almost a quarter of the total amount paid to abuse survivors under the archdiocese’ controversial Melbourne Response redress scheme in the 20 years until 2015.
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Old 14th February 2018, 08:28 AM
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Default Re: Catholic Church - dark heart of purple economy

Michael Bachelard - Fairfax

Quote:
With $9 billion in assets in Victoria alone, and more than $30 billion nationwide, it's among the biggest non-government holders of property in the nation.

Some of this property is simply not able to be realised. The land under St Patrick's cathedral in Melbourne or St Mary's in Sydney will not, at least in the foreseeable future, be paved and turned into a rent-producing asset.

But the Catholic church does deal regularly in property - it buys and sells the tennis courts and mobile phone towers, the car parks and residential units, the former churches and schools it does not need.

And it books big profits from these deals, which are often sales of land that was granted for nothing by governments in the 1800s or acquired decades ago and subject to enormous growth in value.

It runs its own bank, a super fund and an investment fund. And virtually every aspect of its operations, including property deals, are done without the need to pay tax.

When it comes to buying new offices, or, indeed, a new villa for the Archbishop of Melbourne, Denis Hart, or a luxury beachside holiday house, there is no such ominous talk of closing programs.

The Catholic church is not short of a buck.

So to threaten the services the church offers to one kind of underprivileged person (social welfare recipients) as a means of denying adequate compensation to another (the victims of your own priests' sexual crimes) seems to be the sort of moral blackmail that does not befit a religious organisation.
And much more @ source.

Do read the whole thing. Interesting development therein.
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Last edited by The Irreverent Mr Black; 14th February 2018 at 08:29 AM.
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