Cormack Foundation Pty. Ltd. is an Australian investment company established to hold for the Liberal Party of Australia (Victorian Division) and associated entities.[1][2] Named in honour of former Senate President Magnus Cormack, the company was set up in 1988 with the proceeds of $15 million from the sale of former Melbourne radio station 3XY,[3] the broadcast licence of which had been originally licensed to Liberal Party precursor the United Australia Party.[4] 3XY was sold in 1986 for $15.75 million.
As of 2018, the Cormack Foundation is worth $70 million and has distributed over $40 million to the Liberal Party since it was founded.[5][6] The Cormack Foundation is typically the largest single donor to the Liberal Party,[7] but it has also contributed to Family First and the Liberal Democratic Party and right-wing think tanks the Centre for Independent Studies and the Institute of Public Affairs.[4][8] Donations to the Liberal Democrats angered the Victorian Liberal Party as the Liberal Democrats preferenced against the Liberal Party in the 2016 Federal Election in the marginal seats of Dunkley and La Trobe and preferenced Cathy McGowan in Indi ahead of the Liberal Party.
- ^ "Transparency means more than disclosure". The Age. 2004-02-04. Retrieved 2007-09-24.
- ^ "Mysteries remain in political donations". ABC. 2004-02-02. Retrieved 2007-09-05.
- ^ "ALP donations up to $46m under Latham". The Sydney Morning Herald. 2005-02-01. Retrieved 2007-09-05.
- ^ a b Preiss, Benjamin (2018-06-14). "Liberals fall short in bid for control of $70 million war chest". The Age. Retrieved 2018-12-10.
- ^ Cite error: The named reference
:1was invoked but never defined (see the help page). - ^ "Victorian Liberals take Cormack directors to Federal Court". Australian Financial Review. 2017-11-22. Retrieved 2018-12-10.
- ^ "Political donations revealed". The Age. 2004-02-03. Retrieved 2007-09-05.
- ^ "Kroger loses the pot in the battle with the Cormack Foundation". Australian Financial Review. 2018-06-14. Retrieved 2018-12-10.