Economic Value of the Arts

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A  long awaited report by KPMG on the Economic Value of Arts, Screen and Culture in NSW  has found that in total across 2016-17, the sectors contributed approximately $16.4 billion ($8.7 billion direct and $7.7 billion indirect) to NSW Gross State Product (GSP) and involved the full-time employment of over 118,000 workers (82,400 direct and 36,400 indirect) in 2016-17.This is equivalent to around 3 per cent of total NSW GSP and FTE in 2016-17, and in total it is estimated that for every $1 annual expended on arts, screen and cultural activities, the overall impact on the NSW economy is $1.88.

The combined sectors provide additional benefits to the State beyond measured economic benefits, such as fostering community engagement and increasing a city’s liveability. The value of these benefits is illustrated through a series of case studies throughout the report.

https://www.create.nsw.gov.au/news-and-publications/news/economic-value-of-arts-screen-and-culture-report-reveals-the-sectors-contribute-16-4-billion-to-nsw-gsp/