The New South Wales (NSW) government has set up an A$43 million relief fund to boost the confidence of event organisers.
The Event Saver Fund will cover major events, taking place between Wednesday December 15, 2021 and Saturday December 31, 2022, which are “cancelled or significantly disrupted” by Covid-19 public health orders.
Only one claim can be made per eligible event and the maximum amount that can be paid per eligible event is $10 million, depending on Guiding lines. Exceptions to the latter may be made for not-for-profit organizations at the sole discretion of the Minister for the Arts.
An event closed by the government 13 weeks later recoups 15% or $2.7 million. From 13 to 8 weeks, the compensation is 45% or $8.1 million. Anything closer to showtime gets the full $10 million.
The Event Saver Fund, first announced in October 2021, comes after the Victorian government launched an interruption insurance program for music festivals last November.
“This will go a long way to improving confidence for major festivals and events scheduled for 2022”
“Today’s announcement of an Event Saver fund for large events comes just in time for organizers impacted by recent restrictions due to the current Omicron wave in New South Wales,” says Julia Robinson, MD of the Australian Festivals Association (AFA).
“This will go a long way to improving confidence for major festivals and events scheduled for 2022 and will help ease the financial burdens associated with cancellations.”
However, Byron Bay Bluesfest (pictured) promoter Peter Noble said Music news that an insurance safety net is also needed to cover any shortfall.
The Australian festival industry has been calling for a national insurance scheme for over 18 months.
“Australia is now behind New Zealand, the UK, Germany, Austria, the Netherlands, Belgium, Norway, Denmark and Estonia in finding a solution to this problem,” read a recent statement from United live music and entertainment industry bodies, including Live Performance Australia.
Get more stories like this delivered to your inbox by signing up to IQ Index, IQThe free email digest of essential live music industry news.