How Western funding helped fund robin hood’s $2.5 million fund
By Peter CzarnikFor the past five years, Western Funding has helped build an $8 billion fund raiser for the troubled and troubled robin Hood Fund.
Robins Hood Fund (RTF) was set up in 2011 by former Prime Minister Julia Gillard’s Liberal Party to manage the fund, which is part of the $7.5 billion NSW Government’s $13 billion Newstart payment scheme.
The fund was originally set up to provide a financial lifeline to poor Australians struggling to get by and fund a lifestyle for which they can’t get a job.
The Robins Fund has now grown to become one of the biggest philanthropic funds in Australia.
The Fund is backed by the Australian Council for Financial Services (ACFS) and the Newstart Foundation.
The new fund raised more than $2 million from more than 150 investors, with $1.5m of that going to the NSW Government.
The remaining $1 million was raised from private investors including former Australian Federal Treasurer Joe Hockey, former US president Barack Obama, and billionaire businessman Clive Palmer.
A total of $2,842,000 has been invested into the fund so far, with the remaining $2m coming from the NSW Treasurer and a $200,000 loan from the Australian Investment Bank.