Fortescue Metals Group founder and chair Andrew Forrest and his wife, Nicola, have announced a AUS$400 million ($299 million) pledge through the Minderoo Foundation in support of medical research, education, equity, and anti-slavery efforts globally.

The largest gift ever announced by a living Australian includes AUS$75 million ($56 million) allocated to each of four interest areas: specialized cancer research, with a focus on expediting the development of cures; doctoral and postdoctoral scholarships and facilities; early-childhood initiatives, including the development of a blueprint for early-childhood development that could become a global prototype; and the elimination of modern slavery globally.

In addition, pledges of AUS$50 million ($37.4 million) will support education, training, and employment initiatives designed to reduce disparities between Indigenous and non-Indigenous Australians; and arts, cultural, environmental, community, and small organizations that have the potential to make a positive impact on underresourced communities and individuals.

The Forrests are co-founders of the Walk Free Foundation, which was seeded by Minderoo in 2012 and, through a multi-pronged approach, is working to end modern slavery around the globe.

"The power of philanthropy to change lives, to change society, is perhaps even greater than that of government, because it comes with the love of the philanthropist, a love of mankind," said Australian prime minister Malcolm Turnbull in announcing the gift.

"The challenge is to give with your heart, mind, and soul; to give cleverly so that maximum impact is achieved over the longer term, and to give wisely so that your own values are reflected," said Andrew Forrest. "Nicola and I founded the Minderoo Foundation with the belief in the power of giving a hand up rather than a hand out. It is the only way that marginalized communities and vulnerable individuals can get ahead."