Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry?
The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs and are expected to have a positive economic impact. That is, this is an economic package as opposed to creative or cultural funding.
| Area | Total Funding | Details | |
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Seed Investment to Reactivate Productions and Tours Productions, festivals and events - including theatre, dance, community and arts and culture gatherings. Individuals are able to apply for funding. |
$75m |
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Show Starter Loans Businesses able to generate jobs—including through the synergy between arts and entertainment and travel, tourism and hospitality. |
$90m |
In a move to free up capital, the Government is providing a 100% guarantee for loans through financial institutions to assist arts
and entertainment businesses to fund new Lenders will provide facilities that only have to be drawn down if needed. Loan terms will be up to five years, with an initial 12-month repayment deferral. That is, the amount drawn down will need to be paid back, but in the event the loan can’t be repaid, the bank is protected. The loans are part of the Government’s existing Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme. |
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Local Screen Production Local film and television productions. |
$50m |
A Temporary Interruption Fund (TIF) for Screen Australia for local film and television producers to restart filming. See Screen Australia’s Funding and Support initiatives page. The fund commences from 1 July 2020 for 12 months. |
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Sector-Significant Organisations Support significant Commonwealth-funded arts and culture organisations |
$35m | Funding to support significant Commonwealth-funded arts and culture organisations facing threats to their viability due to COVID-19. |
Outside of the funding package, SupportAct received $10m in funding for COVID-19 crisis
relief grants. Crisis funding is accessible to:
To be eligible, you will need to be a musician, crew or music worker, who:
Other financial support is available through JobKeeper (including the self-employed) or JobSeeker.
For more details see The Office for the Arts COVID-19 update.
For many in this sector, the funding is helpful but the future will be determined by how quickly or otherwise the distancing measures are retracted. After all, most entertainment relies on a crowd.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.
The idea of insuring against loss of income is one that has clear value. The idea of insuring against loss of income is one that has clear value. Yet many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work?
