The Australian Ballet has reduced its annual operating loss to $4.7 million in 2025, down from $6 million the previous year, as the company continued to navigate economic pressures and the impact of performing away from its Melbourne home base during the Melbourne Arts Precinct Transformation.

The company released its 2025 annual report on Wednesday 29 April, outlining a year of strong artistic activity, national touring and community engagement despite ongoing financial challenges linked to the closure of the Ian Potter State Theatre.

Chair Dr Richard Dammery said the result reflected “a period of transition” for the organisation.

“Performing outside our home theatre has required adaptability across every part of the organisation, and we remain focused on strengthening our foundations as we prepare for our return to the Ian Potter State Theatre,” he said.

The Australian Ballet’s Nijinsky, 2025. Photo © Kate Longley

Artistic Director David Hallberg said the company’s dancers had responded strongly to an ambitious repertoire that included John Neumeier’s Nijinsky, Kenneth MacMillan’s Manon, David McAllister’s The Sleeping Beauty, Johan Inger’s Carmen...