The Morrison government today announced a $250 million rescue package for the beleaguered arts industry, after resisting calls to do so for three months, causing much consternation amongst the arts institutions that were some of the first venues to close their doors during the national shutdown.
With much of the creative industries hovering on the edge of financial ruin, it remains to be seen if the belated lifeline will be enough to save all of them. Almost one-third of the pledged funds – around $90 million – will be government-backed concessional loans designed to support new productions and boost job growth in the industry, but that may add to financial stresses already at breaking point in the long-term.
A further $75m in non-repayable grants, ranging from $75,000 up to $2 million, is designed to stimulate the return of festivals, concerts and other large-scale events once restrictions ease further.
Filmmakers will be able to access a further $50m in grants, to be distributed by Screen Australia, which are intended to help that shuttered industry get local productions happening again, with insurance costs one of the biggest hindrances to that plan in these uncertain times.
These newly-announced funds are on top of the previously allotted $27million package for regional arts and First Nations organisations, as well as a leg up for music industry charity Support Act. The Australia Council has also diverted $5million of its vastly reduced kitty to rapidly unlock small grants.
Sydney Fringe director Kerri Glasscock told Time Out that while she welcomes the long-awaited announcement, she’s also worried funds won’t be directed where they are needed most. “With the information provided currently, this package appears to be heavily geared to supporting the commercial part of the sector,” she says.
“We are very concerned that the small businesses and independent artists will again be left out in the cold, with no access to support. The bulk of cultural entertainment we consume in our cities is presented in small-to-medium-sized independent businesses and venues. These are essentially non-funded, privately-owned venues that have been accruing debt this past five months and will continue to while any social distancing measures are in place.”
While the sum of $250 million is not an insignificant amount, it falls far short of the funds some international governments have pledged to the arts. In Germany, for example, the federal government has committed a staggering €50 billion – equivalent to AUD$54 billion – to an aid package for the country's creative and cultural sectors.
Worried? Read more about the future of Sydney's performing arts scene here.
This article is supported by the Judith Neilson Institute for Journalism and Ideas.