Many in the creative industries and wider community see COVID-19 as a burning platform for sector change. However, the pandemic has only further compounded challenges that were clear. Reflecting on hopefully the worst of the pandemic, it is time for a fundamentally different approach to investing in Australia’s creative economy.
 

Our 2020 paper, Unleashing creativity, outlined a vision to elevate creativity as a fundamental driver of economic prosperity and social fabric.

Central to this vision is the notion that creativity needs to be a key ingredient along with technology and process change for communities, businesses, not-for-profits, and government to solve our most important challenges and opportunities.

This vision is as relevant as ever. The starting point for delivery needs to be amplifying investment, building on the foundation of existing government and philanthropic support.

Five key concepts

KPMG's report, Impact through Creativity, contributes five bold ideas to help turn our vision into reality.

  1. Leverage the A$1 trillion in global impact-and SDG-linked investment funds to increase Australia’s pool of creative economy capital.
  2. Accelerate the formation of creative industries start-ups and fuel innovation and dynamism in the creative economy.
  3. Devise and fund a specific creative economy investment attraction strategy.
  4. Invest in pathways to drive and match creative skillsets to meet future industry needs.
  5. Reset creative sector operating conditions to support increased and sustained development.

These ideas are based on our experience supporting a wide range of efforts in the creative industries, economic revitalisation, regional and community development, skills and education, ESG3, pandemic management and recovery, and other issues in Australia and abroad.

They build on the significant investment, resource creation and coordination already in place between governments, peak and representative bodies, industry and the sector to transition into a new investment approach in Australia’s creative economy.

Download the report

Impact through creativity seeks to provide a meaningful basis for industry, investors, communities, and governments to harness our creativity for good and in doing so, help make our world brighter and more prosperous, diverse, sustainable, and just.