Nicola Forrest in $520m donation

By the Editorial Team · Friday, October 9, 2026

Nicola Forrest has donated over A$500 million, including cash and Fortescue shares, to her Coaxial Foundation, marking the largest philanthropic gift by a living individual in Australia. The foundation will focus on addressing social challenges for women and children, particularly supporting Indigenous communities through multi-year partnerships and initiatives aimed at systemic change.

Nicola Forrest, Australia's second-wealthiest woman, has made what is believed to be the largest philanthropic donation by a living individual in the country, contributing more than A$500 million to her Coaxial Foundation. The announcement marks her first significant financial move since her separation from Fortescue Metals Group founder Andrew Forrest three years ago.

The donation comprises A$125 million in cash and 25 million Fortescue shares, representing half of the shares Ms Forrest holds personally through her private company, Coaxial Ventures. Valued at Fortescue’s closing share price of A$15.79 on Thursday, the shares amount to approximately A$394 million. Combined with the cash component, the total contribution is estimated at A$520 million.

Ms Forrest emphasized that the foundation aims to address pressing social challenges facing women and children across Australia. “I’m hoping Coaxial is going to be able to help bring some of the social change that we need in this country, where things are pretty desperate,” she said.

The Coaxial Foundation has committed A$30 million over six years to the Cape York Partnership, supporting educational and developmental initiatives for young Aboriginal children in the Cape region. In addition, the foundation has entered into a three-year, A$7.1 million partnership with the Secretariat of National Aboriginal and Islander Child Care (SNAICC), a national organization focused on improving early childhood outcomes for Aboriginal and Torres Strait Islander children.

Ms Forrest highlighted the systemic nature of the issues being targeted. “It is happening across this country, which is what has shocked me — that we can live in a country where that happens,” she said. She noted that the partnership with SNAICC reflects a shared commitment to self-determination and supporting communities to make informed decisions for their future.

When asked about the role of the Western Australian government, Ms Forrest acknowledged their efforts but emphasized the need for collaboration. “I think they’re trying,” she said, adding that meaningful progress on Indigenous outcomes requires a coordinated approach involving business, philanthropy, and government.

The Coaxial Foundation operates alongside Ms Forrest’s private investment entity, Coaxial Ventures. She remains a director of the Minderoo Foundation, which she co-established with Andrew Forrest. The Forrests have collectively donated around A$6 billion to Minderoo since 2017. Ms Forrest clarified that her large contribution to Coaxial Foundation does not indicate a departure from her role at Minderoo. “This is complementary. It’s not instead of; this is me doing things on my own. I think I just want to double down,” she said.

The size of the donation exceeds the A$200 million committed by James Packer’s family foundation in 2014 and matches the A$520 million the Forrests allocated to Minderoo in 2020 through a series of donations. However, Ms Forrest stressed that financial resources alone do not guarantee change. “Good intentions are not enough. Lasting change requires strong partners, evidence, disciplined execution and the willingness to stay the course,” she said, reflecting on her three decades of experience in business and philanthropy.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.