A new study from the Australian Financial Services Commission has warned that opera opera could face financial instability as the industry continues to struggle with its economic and social impact.
The ABC understands the report will be presented to the ACT Government this week.
It was commissioned by the ACT’s auditor-general, who will hold a public hearing on the implications of opera’s financial instability for the industry and its members in Canberra on Thursday, October 15.
The report warns that opera could experience “significant losses” from the ongoing economic downturn, and that opera will be “at risk” if the government does not act to stabilise the industry.
“If we’re not seeing some kind of concerted effort to bring about a stabilization plan for opera, then opera is going to experience significant losses,” Auditor-General Andrew Colvin said.
“The opera industry is not a one-off.
We know that the Australian music industry has experienced significant economic and societal impacts from a variety of other factors.”
Mr Colvin has already expressed concern about the industry’s current financial situation and has called on the ACT to do more to tackle the risks it faces.
The ACT Government has also recently issued a call for financial experts to review the business case for the Opera and Opera Music Act, which would set up a national fund to help opera artists secure funding to continue performing.
The Government has promised to set up an independent audit committee to investigate opera’s finances and is also set to set aside $500 million for Opera to pay its staff and artists.