Live entertainment industry estimated to lose $23.6billion in economic output

Preliminary findings from a new report have estimated the economic output of the live entertainment industry will decline by $23.6billion should restrictions remain in place for the rest of the year. The report, published by EY in partnership with the Live Entertainment Industry Forum (LEIF), predicts the coronavirus pandemic will lead to a drop of two thirds in economic output if restrictions continue through 2020. Last year, the industry contributed approximately $36.4billion to the Australian economy. In terms of workers, the report estimates jobs in the industry will decline from 122,000 full-time equivalent jobs in 2019 to 43,000 full-time equivalent jobs by the end of the year. While festivals and live events are slowly re-emerging in states across Australia, such as the Good Day Sunshine festival in Western Australia, the JobKeeper wage subsidy scheme was reduced from $1,500 per fortnight to $1,200 or $750 per fortnight in late September. Many live entertainment workers claimed they weren’t eligible for JobKeeper in the first place. In a statement, LEIF has called for a continuation of the JobKeeper program “until such time as the live entertainment industry returns to normal operation”. Additionally, the group […]

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