AUSTRALIA
The Australian
DAN BOX THE AUSTRALIAN MARCH 25, 2014
THE Catholic Archdiocese of Sydney controls funds with combined assets of over $1.2 billion dollars that provide the church with multi-million dollar profits every year, the royal commission has heard.
The evidence, tendered to the Royal Commission into Institutional Responses to Child Sexual Abuse this morning, represents the first time the books of Australia’s wealthiest church organisation have been made public.
Daniel Casey, the archdiocese’s business manager, said the funds were “ultimately owned and controlled by, if you like, the archbishop of the day … the archbishop controls these funds.”
Most of the money is controlled by two funds, the commission heard, the Catholic Development Fund and the Procuration Fund, which last year held gross assets of $810 million and $426 million respectively.
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