Research reveals direct funding for individual artists has fallen by a third since the mid 1990s and alternative funding models are needed to support artists and nurture creative work, which is an increasingly important part of the economy and national life.

In a discussion paper released today, Arts Queensland and the Centre for Social Impact propose the establishment of a Foundation for the Artist – the first of its kind in Australia - to bring together public, private and corporate funding for artists and the creation of new work. The Foundation will complement existing funding sources, and offer new forms of support for creative practice and innovation.

Peter Shergold, Macquarie Group Foundation Professor at the Centre for Social Impact, said that the research, ‘Arts Plus, New Models New Money’ showed funding emphasis in Australia had shifted toward arts institutions and major companies, leaving proportionately less money for individual artists.

He said a Foundation for the Artist would add to the existing range of agencies and organisations and provide a suite of new options for artists and donors, from micro-loans and investor funding to fellowships and superannuation planning.

“Few realise the creative economy contributes as much to the national economy as agriculture, and its importance is set to grow in the twenty-first century,” said Professor Shergold.

Dr Julianne Schultz, editor of Griffith Review and Co-chair of the 2020 Australia Summit Creativity Stream, said “Every aspect of the arts is inter-related – funding the arts is not an either - or proposition. Strong arts companies require a pool of brilliant individual artists. If we neglect one component, the whole sector is weakened. It is artists, working on their own or in groups, who are the turbine at the heart of the creative industries, producing cultural value for us all. They are the research scientists of the creative economy.The challenge is finding appropriate ways to recognise, support and enhance that activity.

“The Foundation for the Artist will be an independent organisation with multiple sources of income, with a capacity to explore new approaches to financing and designed to supplement and complement the work of others who currently fund the arts,” she said.

Artists, donors and other stakeholders will be invited to respond to the proposal as part of a feasibility study, which will also examine the foundation’s governance, charter and operational requirements. It is envisaged the feasibility will be completed within the next three months.

The discussion paper was developed with input from a range of sector representatives, including David Gonski, David Throsby, Robyn Archer, and Frank Moorhouse, and develops an idea canvassed by the Creativity Stream at the Prime Minister’s Australia 2020 Summit in 2008.

In this discussion paper 'New Models New Money', Arts Queensland and the Centre for Social Impact propose the establishment of a Foundation for the Artist - the first of its kind in Australia - to bring together public, private and corporate funding for artists and the creation of new work. The Foundation will complement existing funding sources and offer new forms of support for creative practice and innovation. The discussion paper was supported by the development of an Australian and International survey.