Opera Australia has reported a dramatic financial turnaround in 2025, reducing its operating deficit from $10.6 million in 2024 to just $271,776 last year.

As revealed in its 2025 Annual Report, after accounting for investment gains from the Opera Australia Capital Fund, the company recorded a near break-even net deficit of $36,051 before the fund’s contribution lifted the organisation back into surplus.

Jake Lyle and Amy Manford in Handa Opera on Sydney Harbour’s 2026 production of The Phantom of the Opera. Phto Daniel Boud

The recovery was due in large part to the success of the musicals and Sydney Harbour spectacular staged by the company.

The Annual Report attributed the improved result to “solid audience attendance”, alongside cost-cutting and operational efficiency measures introduced during the year. Box office revenue rose from $50.7 million in 2024 to $65.3 million in 2025 – an increase of almost 29 percent – making ticket sales the company’s strongest-performing income stream by a wide margin. Commercial activities, including production hires and orchestral services, also climbed from $7.36 million to $9.87 million.

OA staged 457 performances across 25 productions in 2025, attracting a...