Welcome to Deep Dive with Darkwave, where we answer your questions about tax quirks, business perks and how it all works. Meredith Fannin is a fully qualified Chartered Accountant, specialising in creative and performing arts, music, film, television and fashion. She’s here to answer your questions and help you get the most out of your creative pursuits.
Meredith breaks down the May 2024 Federal Budget that included funding poised to significantly benefit creative businesses in Australia. These measures, totalling millions of dollars in funding, aim to invigorate the music and screen sectors, and foster the next generation of talent. Listen to an overview of the key allocations and their expected impact on Australia’s creative ecosystem:
Have more questions? Want to get more out of your money and focus your time and energy on creating content, making music or building businesses? Darkwave is a boutique Chartered Accounting Firm, led by directors Meredith Fannin and Andrew Elmore, who bring a combined 40-plus years of unrivalled experience to the business. Darkwave’s Business Management arm for busy mavericks also offers a virtual CFO service for artists, creators and creatives.
Not had a chance to listen? Read Darkwave’s tips below.
1. Revive Live Initiative: $8.6 Million
One of the standout allocations is the $8.6 million dedicated to the “Revive Live” initiative. This funding is intended to bolster music festivals and live events by facilitating the inclusion of Australian bands in their lineups. By promoting local talent, the initiative seeks to enhance public exposure to Australian music, ultimately driving interest and investment across the music industry.
The anticipated ripple effects are considerable. Increased visibility for Australian bands is expected to generate more income and create job opportunities within the industry. As more people engage with local music, the ecosystem will likely experience a boost, benefiting artists, producers, event organisers, and related businesses.
2. Funding for Australian Children’s Screen Content: $14.5 Million
Another significant commitment in the budget is the $14.5 million allocated to Australian children’s screen content. This funding addresses the pervasive presence of U.S. content on Australian screens, aiming to offer relatable Australian stories to children. The importance of this initiative lies not only in cultural representation but also in fostering a lifelong habit of consuming Australian media.
By supporting the production of local content, this investment is set to revitalise the Australian film industry. Emerging producers will have the opportunity to develop and showcase their stories, which should lead to more job opportunities and industry growth. Ultimately, this move is expected to nurture a generation that values and supports homegrown entertainment.
3. National Arts Training Organisations: $115.2 Million
The largest allocation, $115.2 million, is designated for eight national arts training organisations. This substantial investment aims to cultivate the next generation of creative talent across various disciplines, including music, theatre, film, and television.
Training institutions will utilise these funds to provide high-quality education and training to aspiring artists. The long-term benefits are multifaceted: well-trained professionals will elevate the quality of creative output, ensure a continuous supply of skilled talent, and sustain the vibrancy of Australia’s arts scene.
A Holistic Boost to the Creative Sector
Despite the current focus on cost-of-living concerns, the Federal Budget’s support for the arts is a welcome development. The financial backing for live music, children’s screen content, and arts training institutions signifies a commitment to nurturing the cultural fabric of the nation. By investing in these areas, the government is not only enriching Australia’s cultural landscape but also creating a robust framework for economic growth within the creative industries.
These measures promise to create a more dynamic and sustainable creative ecosystem, fostering opportunities and experiences for all those aspiring to work in these vibrant sectors. The future looks bright for Australia’s creative businesses, with these strategic investments paving the way for continued innovation and success.
Have more questions? Want to get more out of your money and focus your time and energy on creating content, making music or building businesses? Darkwave is a boutique Chartered Accounting Firm, led by directors Meredith Fannin and Andrew Elmore, who bring a combined 40-plus years of unrivalled experience to the business. Darkwave’s Business Management arm for busy mavericks also offers a virtual CFO service for artists, creators and creatives.
