Posted October 16, 2018 04:33:27 The Commonwealth Government has announced a $6 million fund for the art sector to provide funding to the nation’s art galleries and museums, including $3 million to the Art Fund.
The announcement is the result of the art funding review that began last year.
The Art Fund is expected to deliver an additional $3 billion in funding over the next five years.
Deputy Treasurer Chris Bowen said the fund would fund the Commonwealth’s arts programs, including the Art Gallery of Victoria, and assist the country’s largest art institutions.
“It’s a great deal for our nation and we are pleased to announce that we will be able to provide this new funding for the Art Centre and the Art Foundation,” he said.
Mr Bowen said a total of $3,500,000 would go to the Commonwealth Art Fund, with another $500,00 to be directed towards the Art and Design Fund, and another $100,000 for the Commonwealth Arts Fund.
“This new funding will help to build the Art of Australia’s future, not just for the next four years but for the long term,” he added.
“The Art Fund will help the country grow its rich art culture while also supporting the nation to attract the best talent to create new works of art.”
The Art Centre will receive $1.2 million, while the Art Design Fund will receive an additional amount of $750,000.
Mr Higgins said the Art Funds would support projects around the country, but it would also help to support artists.
“We are delighted that the Art Trust has now committed to supporting the Commonwealth art industry in the future,” he told ABC News.
“For this investment, we have already established a long-term strategic partnership with the Commonwealth to support the industry and help them grow their portfolio of works of contemporary art.”
What you need to know about the ArtFund funding announcement: What’s the Artfund?
The Art Funds are a federal Government-funded investment fund for Australian artists.
In 2017-18, the Art Funding Review, which started in December 2016, found the nation was in need of investment in the arts.
Mr Turnbull and Treasurer Scott Morrison said the funding was part of a long term vision to ensure Australia’s artistic heritage and economy were preserved and enhanced.
Mr Morrison said in the past decade, more than $40 billion had been spent on Australian art.
He said the funds would be used to support projects and exhibitions, including through the Commonwealth and State Governments, as well as private funding.
“They are also a means of supporting the arts in Australia, and providing the Australian economy with new creative assets that will contribute to the vitality of our national culture and economy,” he stated.
The funds will help artists in the Commonwealth, but will also fund the arts sector in other states.
Mr Bennett said the Arts Fund would support art projects in Australia and across the world.
“I know this announcement will stir up debate in the Australian public, and I know that there will be some who will say this is a good investment for our country, it is a really important investment for the economy and for the Australian people,” he explained.
“But I think it is really important for the Arts Trust and its board that this investment is a long lasting investment for this country, and we will make sure that it will last for many years.”
The Arts Trust was created by the Howard Government in 2013 to support and promote the arts and art-making in Australia.
The fund is funded by the Government through its general taxation and budget revenue fund.
“In the years ahead, we will have to look at what is needed to support arts development, and how we can support our art sector as it continues to grow,” Mr Bowen added.
Mr Newman has said the art fund would be a major boost to the economy, and a major boon for the arts industry.
“These funds will be an important asset to the Australian art sector in the long-run, and will support the continued growth of the Australian arts industry and its contribution to the broader economy,” Mr Newman said in a statement.
The arts fund is set to be announced at a press conference tomorrow, when the Treasurer will make the announcement of a $4.5 billion Arts Council of Australia funding package.
The Arts Council is an independent entity that has oversight of the arts, including funding.