Recent cancellations of major musical theatre productions, including Waitress and Beetlejuice, have raised an obvious question: has Australian theatre become too expensive?

It’s tempting to blame the audience. As people contend with higher mortgages, rent and bills, a night at the theatre seems easy to cut. But that doesn’t mean everyone has.

The Australian Bureau of Statistics’ 2025 General Social Survey found 22.8% of Australians aged 15 and over had attended a theatre performance in the 12 months prior. That’s more than five million people.

So if people are still going to the theatre, why is it getting harder to make the numbers work?

Growing audiences aren’t enough

We reviewed the 2024 and 2025 financial statements of major theatre companies, and found a striking pattern. Even though more money is coming through the door, companies are still struggling to break even.

Queensland Theatre grew its mainstage audience by 5.6% in 2025 and box-office revenue by 42%, compared with 2024 figures – yet recorded a A$989,000 deficit in 2025.

Bell Shakespeare increased its income from $10.96 million to $11.47 million over the same period, but expenses rose faster – from $10.99 million to $12.87 million.

Sydney Theatre Company, operating at a much larger scale, generated $28.75 million in revenue from continuing operations in 2025 – but still had an underlying operational deficit of $8.76 million. One-off funding and increased fundraising ultimately helped turn this into a $786,418........

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