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--
Posted July 30, 2011 at 12:12 pm
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