Business Sydney and Live Performance Australia today joined forces in calling for targeted government relief to support live theatre in Sydney.
Both organisations encouraged federal and state governments to adopt targeted live performance production incentives such as those in place in overseas theatre districts such as London’s celebrated West End.
They called for the implementation of a five-point plan outlined in a special joint paper titled, “Our Theatres of Economic Dreams — Don’t Let Live Theatre in Sydney Go Dark”.
Concern for the live performance sector has increased following the sudden cancellation of two world-class musicals that will leave the Capitol Theatre and the Lyric Theatre dark for a time.
Business Sydney Executive Director Paul Nicolaou said the cancellation of major productions highlighted the growing pressures on the sector.
“A combination of rising production and touring costs, inflation, insurance premiums, labour costs and softer consumer demand have made Australia a more challenging market for producers,” Mr Nicolaou said.
“Let’s remember the contribution live theatres make to Sydney’s economy. NSW leads the national theatre economy, with theatre-related turnover of $1.5 billion supporting more than 10,000 jobs.
“International markets increasingly recognise that targeted tax incentives can attract productions, reduce investment risk and generate significant economic returns.
“Without coordinated action, Sydney could lose future productions to overseas destinations where live performance is actively supported through targeted government tax incentives.”
Richard Evans, President of Live Performance Australia, said the UK’s introduction of the Theatre Tax Program in 2014 had been a game changer for the West End.
“Our industry is approaching a critical point where producers are reassessing whether Australia remains commercially viable for major productions,” Mr Evans said.
“The UK tax incentive program enables theatre organisations to increase the number and scale of productions, which in turn creates jobs and opportunities.”
The Business Sydney-Live Performance Australia Five-Point Plan is as follows:
- Introduce a National Live Performance Production Incentive
Australia should establish a targeted National Live Performance Production Incentive to encourage investment in Australian productions and attract major international productions.
The incentive should reduce the financial risk associated with production, touring and investment while generating broader economic benefits.
- Establish a Sydney Theatre Growth Partnership
Create an ongoing partnership between government, Live Performance Australia, Business Sydney, producers, theatre owners and tourism organisations to identify opportunities to attract major productions, strengthen the theatre ecosystem and maximise the economic benefits of live performance.
- Activate Theatre Precincts
Sydney should make greater use of theatre productions as anchors for precinct activation, encouraging audiences to arrive earlier, stay longer and spend more across the CBD.
- Grow Future Audiences
Expand school engagement, youth ticketing initiatives, accessibility programs and audience development strategies to enhance the long-term sustainability of the sector.
- Position Sydney as the Theatre Capital of the Asia-Pacific
Ensure Sydney has the venues, talent, audiences, tourism infrastructure and international connectivity required to become the Asia-Pacific’s premier live performance destination.
