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NSW 2023-24 Budget shapes the future of the visitor economy
The NSW Government’s 2023-24 State Budget was handed down this week and includes $1.2 billion for arts, culture, music, and the night-time and experience economy.
From free museum entry and supporting local music venues in NSW to backing foundational arts and community festivals, this year’s State Budget demonstrates a new approach to encouraging the creation of vibrant and creative arts, entertainment and hospitality precincts and event experiences as unique as the communities they serve.
In 2023-24, the NSW Government is committing an additional $41.3 million through Destination NSW for events including Narooma Oyster Festival and Great Southern Nights. This supports existing funding to retain and attract events in Sydney and regional NSW such as Vivid Sydney, Sydney Gay and Lesbian Mardi Gras Parade, Sydney Festival and sporting World Cups.
Destination NSW will continue to work with stakeholders across government and the private sector to retain and secure major events, with a particular focus on the arts, culture and creative industries.
The NSW Government is also investing in complementary programs, including $31.2 million for contemporary music to develop a Music Scene Plan, establish Sound NSW and a venue support plan.
The Office of the 24-Hour Economy Commissioner will receive $26.8 million in funding in 2023-24 to continue delivering the 24-Hour Economy Strategy and accelerate its expansion to Wollongong, the Central Coast and Newcastle to build vibrant, safe, and diverse night-time economies in those regions.
Additional to program investment, the NSW Government is investing $487.9 million in capital expenditure. This includes the $3.2 million for the National Art School Precinct Renewal and the first year of a new commitment of $35 million over four years for infrastructure maintenance and critical works at cultural institutions including the Art Gallery of NSW, Australian Museum, State Library of NSW and Museums of History NSW.
The NSW Government is delivering on its election commitment to save the Powerhouse Museum in Ultimo, committing $250 million for a heritage revitalisation. An additional $5.5 million will fund improvements works and technology upgrades at the iconic Sydney Opera House, which is commemorating its 50th year.
There was also good news in the State Budget for regional NSW, including continuing support for the seven Destination Networks and new investments to strengthen the economy, social development, wellbeing and community amenity in our regions.
Learn more about the 2023-24 State Budget here.
Destination NSW’s budgeted expenditure in 2023-24 has been confirmed at $339.1 million.
While there have been some adjustments from previous years to recognise election commitments and the whole of government expenditure review, Destination NSW will continue to deliver strong support for the visitor economy system, arts and culture and the creative industries.
In key changes, investment in consumer marketing will be adjusted in line with the NSW Government’s election commitment to reduce advertising spend across all agencies. While this means Destination NSW will scale back some paid consumer marketing activity, the agency will lean heavily into the strength of its powerhouse owned and earned channels to tell Sydney and NSW’s brand story.
Further, while the Regional Business Event Development Fund has been paused, Destination NSW will explore fresh opportunities to bring more business events to regional NSW.
In terms of support for visitor economy businesses, the NSW First business capability building program will continue to offer new content to stakeholders statewide. Other visitor economy growth initiatives and partnership campaigns with travel industry partners and airlines will continue to leverage opportunities to promote travel to NSW in Australia and overseas.
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