Industry Unites To Call On Aus Govt To Introduce New Insurance Scheme For Promoters
"Without a scheme like this it is going to be a very quiet and sad summer."
Major industry bodies have united today to call for a government-backed insurance scheme from the Australian Federal Government to support promoters through the COVID-19 pandemic.
Live music and entertainment industry bodies APRA AMCOS, ARIA, PPCA, Live Performance Australia, Live Entertainment Industry Forum and the Australian Festival Association have shared a statement today calling for the Morrison Government to introduce a scheme similar to that in the UK which was announced in recent days.
According to the BBC, the UK scheme will "begin next month with a £750m budget to cover cancellation costs if events are legally unable to happen due to government Covid restrictions".
The UK's Live Events Reinsurance Scheme follows on from government-back insurance schemes and business interruption funds in countries like Germany, Austria, Netherlands, Belgium, Norway, Denmark and Estonia.
The calls come following another week of devastating news for the Australian music industry with Victoria reentering lockdown amid already reduced venue capacities, while parts New South Wales and Queensland remain under lockdown.
"The UK Government-backed scheme is a template for Australia's Commonwealth, State and Territory Governments to provide much-needed confidence to our live music industry following waves of cancellations and lost revenue," said ARIA and PPCA CEO Annabelle Herd today.
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"We need the confidence that this provides. Without a scheme like this it is going to be a very quiet and sad summer."
“The UK example shows there is a solution that can be developed in conjunction with industry on commercial terms," added LPA’s Chief Executive Evelyn Richardson. "We’re not looking for a handout, promoters are willing to purchase an insurance product. A scheme underwritten by government just makes it viable for insurers to put policies in the market.”
“What our industry needs urgently is the confidence to plan and invest in future live events," said APRA AMCOS CEO Dean Ormston.
"The UK government’s partnership with the insurance market and the live events industry does exactly that. Our proposal is for a similar scheme that will ensure the industry moves from the current position of crisis, to one of building capacity and delivering great events as we emerge from COVID.”
"An insurance scheme will ensure that the $200million in RISE funding together with state and territory initiatives will deliver the maximum benefit for the country," added Australian Festivals Association GM Julia Robinson.
"Government don’t want to see these investments go to waste, and neither does the industry."
The Green Room With Tiana Speter podcast has taken a look at the issues facing the Australian music industry a year and a half into the battle with COVID-19, speaking with industry leaders, politicians and artists about the devastating impact. Listen here.
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