Sydney Opera House is one of the most beautiful buildings in the world and one of only three in the United States to be privately owned.
But now, it has become the focus of an international fightback.
Key points:Australia’s most developed country has a budget surplus of $8.8 billion in 2017, but only managed to raise $8 billion of that in new revenueThe Opera House has seen the largest influx of foreign investment in Australia’s historyThe opera house’s $8bn debt is more than the value of the world economyThe fightback started last month when the Opera House announced it would make $1.5 billion in debt relief payments to the Australian Government.
The Opera Houses owners are currently negotiating with the Government on what they will do with that money, but the Opera Houses owner said the Opera’s owners had already made an offer to cover their $8b debt.
Australia’s Treasurer, Scott Morrison, has promised that his government would repay Australia’s $2.5bn debt to the Opera.
“The Government has made clear that they will honour its debt obligations in full and in full.
The Opera House’s debt has not been fully repaid,” Mr Morrison said.”
I will be announcing a series of measures to reduce the amount of debt that Australians are saddled with and to create jobs in Australia.”
The Opera’s owner, the Sydney Opera, is not alone.
The owners of other famous opera houses have also pledged to repay their debt to their governments.
The world’s most valuable opera house is located in Rome, Italy, and it is worth $877 million.
It is owned by the Sistine Chapel, and was designed by Italian architect Giuseppe Verdi.
Its name translates as the “Beauty of the Night”, and is one the most famous architectural works in the Italian city of Venice.
The Sistine is the most expensive building in the city, with its estimated worth around $100 million.
Its estimated cost to build: $1,500 million, including the Sotheby’s auction house in New York and the restoration of the building in Italy.
The cost of the opera house was initially raised by a $500 million bond issue by investors from the private equity firm, Capital Gains Group, who bought the building from Italian entrepreneur Stefano Gazzani for $1 billion in 2012.
The opera was originally meant to be a temporary temporary showpiece, with the goal of attracting tourists to the city.
But in the last 15 years, it lost its original purpose as the world learned about its unique history and the dangers of asbestos.
In 2016, the opera’s owners announced that they were seeking $7.5b in debt restructuring to help cover the cost of their debt.
The money was initially earmarked for a $400 million loan that would repay the entire cost of rebuilding the opera, but in June 2017, the Opera was able to secure a $2bn loan from the Australian Treasury to help pay off its debts.
That was followed by the release of the remaining $1bn of the $8billion debt in 2018, and the remaining debt was finally repaid in 2019.
The deal is expected to be worth around £7.3 billion ($9.2 billion) when all the bonds are paid off.
The debt was initially issued to finance the construction of the Solfecci Opera House in Italy, which opened in 1992.
Now the Opera is facing another threat: the opera houses own debt.
Its current debts are $839m, according to the Government, and as the Opera owner has announced, the company’s debt is “more than the world value of all the economies of the developed world”.
That means that the Opera has a massive debt of more than $821 billion.
If the Opera can be repaid, Australia will be the first nation to have an opera house of this scale.
Australia’s Prime Minister, Malcolm Turnbull, said the deal was an important milestone in the country’s history.
“We’ve never had a state government go on the balance sheet and borrow $871bn of debt in a single year, so we’ve got to do something about it,” he said.
“The next step is to make sure we are repaid and that we get back to the $7bn bond issue that we made in 2018.”
Mr Turnbull said Australia’s debt was “a significant concern” for Australia’s economic health and the government would work with the Australian people to find a solution.
“It is a challenge to get back into balance, but Australia is doing a fantastic job,” he added.