In a press release issued by BOAA director Julie Collins, the failure to attract a major sponsor or donation into the future to offset 2018 losses is stated as the reason why administration is the only outcome for the event.

BOAA received funding from the state government, City of Ballarat and private sources, but expected funding from the federal government did not materialise. Combined with lower-than-expected ticket sales, this left the event with a debt of over $200,000.

As you can imagine we are devastated by this situation, it was always our intention to make sure everyone got paid and to be in a position to present BOAA 2020. It's heartbreaking not to be able to fulfil these promises, Ms Collins wrote in the statement.

I hope eventually people will remember BOAA the event, and how good it was and not how it ended. Not a week goes by when I don't get a message from a person who saw BOAA and enjoyed it. I was able to showcase the best Artists from across Australia, it was true reflection of Australian contemporary art and I'm proud and in awe of all the artists who contributed.

BOAA opened a bar in Lydiard Street in an attempt to make money to defray costs, but this closed earlier in the year.