Mr and Mrs Forrest established their Minderoo Foundation in 2001. It has already supported more than 250 projects in education, health, research, indigenous affairs, disaster response and the arts.

The new funding will go toward diverse areas including cancer research, early childhood, creating parity and the abolition of slavery.

Mr Forrest said he wanted to encourage more Australians to give – not just their money, but their time, energy and other resources that can make a difference in addressing some of society's most complex challenges.

Prime Minister Malcolm Turnbull and Opposition leader Bill Shorten rightly echoed these sentiments in a welcome display of bipartisan support.

According to Philanthropy Australia, it's estimated that 14.9 million Australian adults [80.8 per cent of the population] gave $12.5 billion to charities and not-for-profit organisations in 2015-16. The average donation was $764 and the median donation was was $200.

Compared with 10 years ago, a smaller proportion of Australians were giving, but they gave larger amounts.

That's encouraging, but there seems to be a shortfall at the top end of the wealth scale where a small number of families and corporations contribute a disproportionate amount.

Many do so anonymously, but with public registers and various foundations it's possible to track some of the notable contributors.

The Vincent Fairfax Family Foundation has distributed more than $130 million to Australian communities.

The Sidney Myer Fund and the Myer Foundation contributed $13.57 million in 2015-16.

James Packer co-launched the $200 million National Philanthropic Fund in 2014 and his company's Crown Resorts Foundation gives financial support to the arts, community welfare, education, health care, research and the environment.

New funds secured from bequests to universities jumped 156 per cent from 2014 to 2015, according to the Council for Advancement and Support of Education.

Art galleries, hospitals, churches and foreign aid providers have also been among the beneficiaries of generous donations.

There is evidence that Australia falls behind the United States and other nations when it comes to corporate giving.

American philanthropists such as Bill Gates and Warren Buffet have donated extraordinary amounts over the years.

It could be argued the United States has less government investment in arts and social welfare compared with Australia, but that doesn't diminish the generosity of wealthy individuals.

Mr Turnbull described the Forrests' donation as a game changer. "It will change the lives of thousands of people here in Australia and around the world," he said.

Australian Charities and Not-for-profits Commission advisory board chairman Tony Stuart hoped the donation would motivate others.

"This funding will provide lasting benefits for the Australian community, particularly in regards to social services and medical research," he said.

"Decades from now we will look back at this announcement, and undoubtedly, we will reflect on the significant social good that has come from it."

Mr Stuart urged those who could not afford to give cash to consider giving their time as volunteers.

To find a registered charity to volunteer for or support, people can search the commission's charity register at acnc.gov.au/findacharity.