The NSW Government has directed Venues NSW to seek regulatory approval to lift the SCG Precinct concert cap from an average of 4 major events per year to 20.
Currently the SCG Precinct and the new $828 million Sydney Football Stadium are only allowed to host 4 concerts per year.
NSW Premier, Chris Minns said, "Sydney is a global city and we should be able to host global acts from around the world.
"The cap means NSW is missing out on millions of dollars a year in economic activity, and the tourism and jobs it brings with it."
This restriction has meant that Venues NSW has been unable to host international artists such as the Foo Fighters, Bon Jovi, Billy Joel and potentially Beyoncé.
Each international artist is estimated to bring $5 to 7.5 million per show of economic benefit into the NSW economy, supporting thousands of jobs.
At a time when the local economy is recovering from the impacts of COVID-19, this cap as it currently stands is costing NSW businesses $40 to 60 million a year.
The cap has also resulted in a reduction of important major cultural events, with key events such as the Sydney Gay and Lesbian Mardi Gras after party forced to shift to a smaller venue.
"We need to utilise our entertainment venues to their fullest potential and show to the rest of Australia and the world, that NSW is now open for business," said Mr Minns.
"In lifting this concert cap to 20 per year, we could bring in an additional $1.3 billion for NSW businesses over the lifetime of the stadium.
Minister for Sport, Steve Kamper has directed Venues NSW to undertake the necessary planning and environmental applications to modify the historic restrictions.
Mr Kamper said, "The Sydney Football Stadium is an $828 million state-of-the-art venue, for it to be lying dormant and unused is an absolute shame.
"We need to remove the red tape that has caused this iconic venue to sit empty when it should be hosting the world's best performers."
The NSW Government will ensure the consultation is comprehensive and will invite all community stakeholders to participate, including local community groups, major operators and surrounding landowners, as well as neighbours and local businesses.
This will bring the SCG precinct in line with many comparable stadiums around Australia and the world.
If the application is successful, the cap could be lifted as soon as October this year.
NSW Minister for Jobs and Tourism, Music and the Night-time Economy, John Graham said, "This government is focused on creating jobs and reinvigorating our night-time economy, by simply raising the concert cap, we can do both.
"If we want to be the home of live music in this nation, we need to support all venues of all size."
