Australian charity experiment could be right on the money

The Aussie government is betting big on its Donation Dollar.


September 9, 2020

No money? No biggie. You can always make more of the damn stuff.

As we’ve reported, some US towns have started printing their own currency to help low-income residents purchase essentials from local businesses…

Now, an entire continent is in it to mint it

The Royal Australian Mint is casting 25m “Donation Dollars” — the first coin of its kind in the world — to encourage altruism among Aussies.

These coins are legal tender: They can be spent just like any other $1 coin, and will be treated by businesses as any other form of cash. But the government’s hope is that Australians will donate the coins to charity.

Analysts estimate that if each citizen gave away 1 Donation Dollar/month, the government would circulate $300m/year for charities.

It’s been a rough year Down Under

In January, wildfires decimated 72k square miles of land. Then, the pandemic hit, barrelling Australia into its first recession in nearly 3 decades.

New numbers from the Australian Generosity Report show that 1 in 5 Australians will need some type of assistance in the next 12 months.

Fellow Aussies are ready to step up, with nearly 3 in 5 saying they’re inclined to give a Donation Dollar if they find one clinking around in their pocket change.

Daily briefings, straight to your inbox

Business and tech news in 5 minutes or less

Join over 1 million people who read The Hustle

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.