Billionaire Andrew Forrest pledges $400m for various charities

Andrew Forrest, one of Australia's richest men, is giving away $400 million to help cancer research, early learning and ending modern slavery.

n a parliament which dictates taxes and debates how to spend the money of Australians there was lots on offer on Monday - but this time it came with $400 million worth of love.

Standing beside film star Russell Crowe, Prime Minister Malcolm Turnbull announced the single biggest philanthropic donation from the family of mining magnate Andrew "Twiggy" Forrest.

"Every dollar we spend, the government spends, will buy as much as a dollar that a philanthropist like Nicola and Andrew give," Mr Turnbull told the event attended by senior government figures, including Tony Abbott and Labor frontbenchers.

"But what you give and what other philanthropists give and what other people whom you will inspire give, comes with their love."

Thousands will be impacted by the investment, which will go towards the causes of cancer research, childhood education and ending modern slavery, the prime minister said.

Mr Forrest, the chairman of Fortescue, hopes all Australians can give, noting time is just as valuable as dollars.

"We encourage others to give what they can - recognising it's a very personal choice - like I have been encouraged by the Gates and the Buffetts and others of the world," he later told reporters.

His wife Nicola said their gift would never replace billions of dollars of government funding but it could help highlight areas where a bit of risk-taking is needed.

"What this donation does is it allows us to challenge the norm, to try new ways."

Crowe, who hosted the event, said Australia has a long history of giving but this was unprecedented.

"This is an extraordinary example to put up in front of people and encourage other people who have fortune and success like Andrew to step forward and do the same thing," he told reporters.

Fellow actor Jack Thompson said Mr Forrest's investment will bring more Australians together and eliminate the artificial divisions within the community.


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