Victoria has snapped up the theatre industry's controversial annual awards just months after letting the Logies slip through its fingers.

The Andrews government has dipped into its $60 million annual events honeypot in order to steal the Helpmann Awards from Sydney.

The annual ceremony recognises the best-of-the-best in Australia's live performance industries – including musical theatre, dance, opera, cabaret, comedy and live music.

Last year's awards were criticised heavily over a lack of representation for Australian creatives and productions in the music theatre categories.

The Labor government has dug deep into taxpayer pockets in recent years in a bid to create Melbourne's answer to London's West End. Harry Potter and the Cursed Child will be lured to the Victorian capital in early 2019, with post-9/11 musical Come From Away opening later that year.