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Sydney faces cuts

04 August 2011

by Muriel Porter Australia Correspondent

PRESS reports indicate that the financial position in Sydney diocese has worsened as a result of the “sub­dued performance” by the Australian share market.

The reports stated that the Glebe Administration Board, which man­ages the diocese’s main endowment fund, has recommended that only $A3.6 million be available to the Synod for distribution next year. This is less than last year’s forecast that $A4 million would be available, which was considerably less than the $A7.5 million available in 2009.

The 2009 figure was itself a sub­stantial cut on earlier years, the result of the loss of $A160 million during the global financial crisis because of a high-risk investment strategy. More cuts to services are now expected, after the 50-per-cent cut in 2009, which resulted in a significant restructure.

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