Reimagining the value of the arts – An introduction to the Economist in Residence Platform
12.11.2026 - 05:00
Reimagining the value of the arts introduces the Economist in Residence platform, a collaboration between RISING and Mandala. Australians are attending the arts in record numbers, yet public investment per person has fallen and artists and venues are under pressure. The report argues that current valuation methods miss the health, social and strategic benefits of the arts, which weakens the case for funding. It proposes a different question: not what the arts are worth, but how they help Australia meet shared national goals. Over the next year, the platform will build the evidence base across three pillars: cultural good, economic sector and strategic asset.
Australians are engaging with the arts more than ever, with 74 per cent attending a live arts event in the past year
That is the highest level recorded since the National Arts Participation Survey began in 2009, and 1.2 million more Australians than in 2019. More than three in four Australians aged 15 and over attended a cultural venue or event in 2025 in every state and territory. Most people who do not attend point to cost and distance, not a lack of interest.
Support has not kept pace and the effects are visible
Australian Governments now spend 7 per cent less on the arts per person than they did in 2008, after adjusting for wages. Australia spends 37 per cent less per person on cultural services than the OECD average.
The effects are visible. Three in four artists rely on income from outside their creative work. Cost keeps more Australians from attending than it did a few years ago. Investment is moving the other way.
The full value of the arts is difficult to quantify, weakening the case for funding
The arts are usually valued by the activity they generate, such as jobs, wages and visitor spending. This captures what the sector produces, but not what the arts do for people and communities, such as better health, stronger social ties and a shared sense of identity. Because these benefits are hard to measure, they rarely feature in funding decisions.
The Economist in Residence platform takes another approach. Instead of asking what the arts are worth, it asks how they help Australia meet shared national goals, such as innovation, social cohesion and a healthy democracy. This treats the arts as a strategic asset as well as a source of cultural and economic value.
The Economist in Residence platform will explore three pillars of the arts’ contribution to national goals and priorities and build an evidence base to underpin better valuation approaches
Read and download the full report here.
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Reimagining the value of the arts – An introduction to the Economist in Residence Platform
Reimagining the value of the arts introduces the Economist in Residence platform, a collaboration between RISING and Mandala. Australians are attending the arts in record numbers, yet public investment per person has fallen and artists and venues are under pressure. The report argues that current valuation methods miss the health, social and strategic benefits of the arts, which weakens the case for funding. It proposes a different question: not what the arts are worth, but how they help Australia meet shared national goals. Over the next year, the platform will build the evidence base across three pillars: cultural good, economic sector and strategic asset.
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