Church sharing financial misery

There’s been a bit of online chatter about the impact that the financial crisis is going to have on churches – the Sydney Anglican Diocese is perhaps going to wear the consequences more than anywhere else – which is sad, given that they train and resource most evangelical ministries in Australia in some capacity.*

“THE world’s richest and largest Anglican diocese has lost more than $100 million on the sharemarket and is investigating ways to cut programs and ministries across Sydney.”

According to the SMH the losses have been compounded by the fact they borrowed to invest.

“The Anglican Archbishop of Sydney, Peter Jensen, has written to clergy warning that the global financial crisis has caused significant losses. He said the diocese had borrowed money to invest and used the profits to build churches in 2007.”

In hindsight it’s easy to throw stones at that strategy – but is this ever “good stewardship” – the SMH headline makes accusations of “gambling” – which would seem inconsistent with their approach to investment in the business section.

*Though in my opinion too much stays in Sydney (this is purely to preempt accusations of backflipping following the discussion with Izaac a few weeks back…


Izaac says:

This is most definitely a backflip. More proof that you argue for arguments sake!

Nathan says:

Like we needed proof.

Perhaps if they’d borrowed less in order to support staff costs within the diocese and sent graduates into regional areas the cost would have been less…