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Art Gallery of South Australia triples return on investment

Art Gallery of South Australia triples return on investment
March 17, 2013

The Art Gallery of South Australia has released an economic impact study detailing its total economic contribution to the State to be $19.8 million, generating $3 of economic activity for every $1 of funding received.

While the cultural, social and educational benefits of the Art Gallery have long been clear to the people of South Australia, the report, commissioned by The Balnaves Foundation and undertaken by Deloitte Access Economics, demonstrates that the institution offers the South Australian Government a significant return on its investment.

Commenting on the assessment, The Balnaves Foundation Founder Neil Balnaves AO, stated "through commissioning this report we hoped to demonstrate that funding the arts, in particular the Art Gallery of South Australia, has far-reaching benefits for the economy.

"The Art Gallery is a significant contributor to the State culturally and socially and this independent report confirms that its economic impact is just as significant."

The study, an analysis of data available from the 2010-2011 financial year, concluded that:

• The Art Gallery of South Australia (through both direct and indirect contribution) generated $19.8 million in the South Australian economy, which means that for every dollar contributed by the South Australian Government, over three dollars was fed back into the economy;

• The Art Gallery of South Australia (through both direct and indirect contribution) generated 191.4 full time equivalent positions in the South Australian economy*

Gallery Director Nick Mitzevich added that the Gallery still relies almost entirely on private benefactors and donations to acquire new works as well as relying heavily on the support of volunteers.

Explaining that, in 2011/12, the volunteers had contributed about 15,000 hours of their time, Mitzevich stated "we always need to be aspirational about growing and increasing our funding level because we've got a very wide-ranging task to undertake in the community."

In 2010/11, the gallery received an operating grant of $6.59 million and a capital grant of $1.88 million from the State Government.

The report, the Economic Contribution of the Art Gallery of South Australia, can be viewed at www.artgallery.sa.gov.au

15th June 2010 - MITZEVICH APPOINTED ART GALLERY SA’S YOUNGEST DIRECTOR 


 

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