THE Anglican Church in Melbourne faces a multimillion-dollar budget shortfall and may have to close ministries or sack staff.
The crisis has been brought on by the global financial meltdown because the church is so reliant on investment income. But church leaders admit that a large part was self-inflicted by inadequate financial management over decades.
As a tense synod at St Paul’s Cathedral on Saturday debated next year’s budget, heavy cuts that would have led to instant job losses were defeated. Instead, it accepted a six-month budget with a $1 million deficit while it awaits an external review of the church’s finances and structures.
Interesting that the diocese that consecrated the first female bishop and seems to be the most liberal is the one feeling the money crunch.
How is Sydney doing financially? I suspect it’s in better health.
Sydney has been careful to build its capital reserves. The Australian stock market soared upward today, after our federal goverment guaranteed bank deposits so I am increasingly confident that the diocese will maintain its budgets. (Australia’s bad mortgage rate isless than 1 per cent).
The Sydney diocese funds its central activities through diocesan investments. Parishes (generally) only pay for services like insurance and superannuation.
Sending 35 people to GAFCON from the diocese would have been a big cost to last year’s budget, but a great benefit overall.
In fairness to Melbourne, it is far from the most liberal diocese (try Perth, perhaps although none of our dioceses in Australia reach TEC standards). FWIW It’s new female assistant bishop was the second appointed in Australia. FYI: A recent paper showed that 55% of Melbourne anglicans go to evangelical churches, but because their average ASA is larger they elect only 40% of synod (convention) delegates.