The Australian Ballet reports loss of AU$9.1 million for 2024

The Australian Ballet Group reported a bigger loss of AU$9.1 milion for 2024 than a loss of AU$200,000 for 2023, the group said in its Annual Report published on 15th May 2025.

The Australian Ballet, under artistic direction of David Hallberg since 2021, sold out Alice's Adventure in the Wonderland by Christopher Wheeldon and performed a new ballet, Oscar© also by Wheeldon, which was much talked about globally due to its mature theme. However, its bottom line was negatively hit by the closure of the State Theatre, its homebase, for refurbishment work, which started last year.

The negative financial impact had been expected and it would last until the company returns to the theatre in 2027 from the Regent Theatre, the company's temporary home, the report said.

"Revenue of $37.2 million was down by $7.8 million, with 23 fewer performances in Melbourne due to venue availability," Group Chair Dr Richard Dammery said in the report.

"Strikingly, the company’s loss from artistic and commercial operations after grant income was over $21 million, with the net loss of nearly $9.1 million achieved only through net income from endowment and donor contributed funds. Put another way, without philanthropy, The Australian Ballet would be in a dire financial position."

However, Dr Dammery continued to say, "Our current circumstances are unquestionably a set-back, but we remain confident that the company will continue to live its purpose for the long-term."

Click here for the annual report archive.