Both orchestras registered profits in 2014 but still made a loss in 2015 despite increased Government subsidy.

Both the Sydney Symphony Orchestra and the Melbourne Symphony Orchestra have reported significant financial losses in their respective 2015 annual reports. The MSO registered a deficit of $577,653, with the SSO reporting a shortfall of $896,811.

Both orchestras generated surpluses in 2014, with the MSO flush to the tune of $298,770 last year. Despite cutting its running costs in 2015 by $588,052 (on the previous year’s outgoings), MSO was still unable to cover its expenditure. 

The size of the MSO’s deficit is disappointing given that it reached record levels of attendance during last year’s season, with 87% of available tickets sold across its 99 core performances. In total, across core, regional, free and private hire performances, the orchestra played to a combined audience of 331,497 in 2015. Box office takings were up 2% on 2014’s income, representing 35% of the orchestra’s revenue in 2015, and Government subsidy from Federal, State and local sources was also up by 2%, representing 46% of 2015’s income. However, philanthropy and private donations were down on 2014’s by 4%, making up just 14% of the orchestras total income,...