The art sector says bold tax reforms could be key to supporting a rapidly changing industry during "challenging times".

Industry leaders, tax experts and government ministers met at the Sydney Opera House on Thursday, to discuss proposals for Australia's arts and creative industries.

More than 300 written submissions were made to the Art Tax Reform Summit, including proposals to remove or reduce tax on prizes and grants, introduce offsets on production costs and incentives to support new work.

It forms part of the federal government's review into the National Cultural Policy, which will officially open for consultation next year.

Less room for Australian music

John Watson manages Australian artists such as Missy Higgins, Midnight Oil and Birds of Tokyo.

He said that Australian musici

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