$30 Billion, Not $109 Million: An Investigation Values the Catholic Church’s Australian Wealth

• A Fairfax investigation estimated the Catholic Church in Australia’s wealth at about $30 billion
• It found more than $9 billion in Victorian assets across 1,800 properties
• The church had reported Victorian assets of $109 million to the royal commission, based on historical cost
• A tax law professor said there might be grounds to review the church’s exemption

The Catholic Church in Australia holds wealth of about $30 billion, according to a Fairfax investigation reported by ABC News on February 13, 2018.

The investigation found more than $9 billion in assets in Victoria alone, across 1,800 church-owned properties. The holdings included “churches, presbyteries, schools, nursing homes, hospitals, offices, tennis courts and even mobile phone towers,” as well as superannuation funds and other financial interests.

Church disclosures to the royal commission into child abuse had reported Victorian assets of only $109 million, based on historical cost rather than current market value. Professor Ann O’Connell of Melbourne University’s law school said: “I think there might be grounds for reviewing that exemption,” referring to the church’s tax-exempt charitable status. Governance consultant Peter Johnstone said: “Certainly there’s been no public record available to Catholics.”

Francis Sullivan of the church’s Truth, Justice and Healing Council defended the earlier figures: “I think what was presented to the royal commission would have been accurate.”

The gap between $109 million and $9 billion comes down to valuation method: what the church paid for its land long ago versus what it is worth today. Jamaican churches also hold property recorded at historic cost that may be worth many times more on the open market. Knowing current values matters for insurance, for borrowing, for planning and for public trust, especially when questions are asked about tax exemptions or a church’s ability to pay.

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