The new museum is launching in two phases in the Victorian capital: the first, arriving before this year is out, will span nearly 500 square metres, all devoted to performing arts exhibitions. The second, which doesn't have a launch date as yet, will expand the space to around 800 square metres.

The Australian Performing Arts Collection truly is a treasure trove, featuring costumes and objects from the likes of Kylie Minogue, Hugh Jackman, Nick Cave, Peter Allen and Chrissy Amphlett, plus dames Nellie Melba, Joan Sutherland and Olivia Newton-John. The Australian Ballet, Circus Oz, Melbourne Theatre Company and Opera Australia are among the Aussie arts institutions also featured.

Early renders show an exterior similar to the Opera House bar, with alfresco dining and seating along the Yarra River, the Arts once again meeting the water.