The Anglican Church’s Sydney diocese faces another year of belt tightening and cuts to community services after its investment arm warned of a ”substantial reduction” in its annual payout.
Two years after it lost $160 million because of a high-risk gearing strategy, the investment arm of the country’s largest Anglican diocese has blamed a 71 per cent fall in earnings – to $3.2 million for the year to December – on a ”subdued performance” by the Australian sharemarket. The result would have been worse if not for a $4.5 million rise in the value of its investment in St Andrew’s House.