AUSTRALIA’S richest Anglican diocese will slash staff and ministries after revealing it lost $160 million on the sharemarket - $60 million more than reported at the height of the global sharemarket downturn.
The cutbacks will be deepest at St Andrew’s House, Archbishop Peter Jensen’s power centre, with central funds for ministries and programs to spread the Gospel slashed by half over the next three years.
St Andrew’s Cathedral will need to delay a planned refurbishment of its Town Hall forecourt and has lost funding for some of its city services.
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