In a week where so much has happened in the world, it's not surprising a report from the Australia Council has not made the news. But in the rarefied atmosphere of arts policy, the release of a report entitled Arts and creative industries will make waves -- the document, if followed to its logical conclusions, implies a profound shake-up to the current status quo.

Authored by a team of QUT academics led by Professor Justin O'Connor, Arts and creative industries is a long, detailed and rigorous examination of the context, shape and setting of arts and cultural policy in Australia. It's not quite the Henry Tax Review, but it's certainly the most academically informed piece of research to be released by the Australia Council in a long time.