(SMH) Prayers unanswered as Sydney Anglicans brace for more cuts
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.
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Filed under: * Anglican - Episcopal • Anglican Provinces • Anglican Church of Australia • * Christian Life / Church Life • Parish Ministry • Stewardship • * Economics, Politics • Economy • Credit Markets • Stock Market • The Credit Freeze Crisis of Fall 2008/The Recession of 2007--
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Posted July 30, 2011 at 12:12 pm
Posted July 30, 2011 at 12:12 pm
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