In the 2000s the Mardi Gras organisation struck financial trouble, and collapsed. This was attributed at the time to poor financial management and a downturn in international tourism following the attack on the World Trade Center in New York, while another explanation was given as Australia's ongoing public liability crisis, which has seen massive insurance premiums impose a significant burden on community and public events, if not preventing them. As a consequence of the impending collapse of the organisation, there was a groundswell of concern and support within Sydney's LGBTQI communities for the continuation of the work and events of Mardi Gras. A series of crisis meetings culminated in the creation of a reformed organisation "New Mardi Gras" being formed to continue the Parade, the Festival & the Party.