The Australian Ballet has reported a $9.1 million net loss in 2024, as it navigated the first of what it expects to be three financially challenging years, according to its annual report released today, 15 May.

Revenue dropped by $7.8 million to $37.2 million, largely due to the closure of Melbourne’s State Theatre, which has significantly impacted the Company’s home-stage operations.

After grant income, operational losses totalled more than $21 million. However, vital philanthropic support and investment earnings helped offset the shortfall, bringing the final figure to $9.1 million.

David Hallberg, Artistic Director of The Australian Ballet. Photo © Pierre Toussaint

Despite the financial setback, Artistic Director David Hallberg praised the Company’s resilience and commitment to innovation in a difficult environment.

“2024 was a year of creative recalibration and I’m incredibly proud of how the Company embraced the changing environment with courage and imagination. From world premieres to new voices and bold reinterpretations, we made work that challenged our artists and inspired our audiences.”

Benjamin Garrett and Callum Linnane in The Australian Ballet’s Oscar. Photo @ Christopher Rodgers-Wilson

The 2024 season showcased a...