Festival Centre's debt to be completely wiped.

[Howie]

Boost for Festival Centre in SA Budget

The Adelaide Festival Centre's $28 million debt will be wiped out as part of Thursday's South Australian Budget.

The Premier, Mike Rann, says the debt has been a burden for the performing arts centre for 30 years.

Mr Rann says removing it will give the Festival Centre more certainty about its financial future.

"I've spoken to the Treasurer in order to give the Adelaide Festival Centre a fresh start," he said.

"We've decided to remove the debt ... so it can take a step up on the national scene again."


http://www.abc.net.au/news/newsitems/20 ... 941491.htm

[Cruise]

I must ask though how did they get in that debt?

[crawf]

Hopefully this means we will finally see some money spent on the actual Festival Centre

Its looking a bit tired and need of a redo.

[sidler]

I must ask though how did they get in that debt?

Over 20m of that debt was actually government incurred debt going back to the original construction of the festival centre.
It has never been paid off until now so in reality the festival centre itself only had a small debt due to operations.