Australia’s Production Offsets Boost Local Economy By $11.4BN, Says Olsberg SPI Report
13.02.2023 - 09:57
/ deadline.com
Australia’s film and television incentives contributed a total of $11.4BN (A$16.5BN) to the country’s economic output for the four years to the 20201/22 financial year, according to a study by UK-based consultancy Olsberg SPI.
The report also found that Australia’s offset programs underpin its standing as a major production hub. In 20201/22, total production expenditure in Australia grew to more than $1.5BN (A$2.2BN), an increase of 91% over the four years studied.
Major productions to shoot in Australia over the past four years include Disney’s Thor: Love And Thunder, Universal’s Ticket To Paradise, Woody Woodpecker and Metropolis, Legendary Entertainment’s Godzilla vs Kong 2 and Netflix shows Heartbreak High, Pieces Of Her and God’s Favorite Idiot.
Drilling down into the various incentives, the report found that Australia’s 16.5% Location Offset, geared towards offshore film and TV productions, resulted in a $4 (A$5.89) return for every A$1 invested through the program.
Australia also offers a 30% Post, Digital & Visual Effects (PDV) Offset, also geared towards inbound production, and the 30-40% Production Offset, geared more towards local productions as it’s subject to an Australian cultural test.
In addition, the Location Incentive Program offers a merit-assessed grant of up to 13.5% of qualifying production expenditure, which was topped up with an additional $277M (A$400m) in 2020.
The Olsberg SPI report, entitled ‘Study on the Impact of Film and Television Production Incentives in Australia’, was launched today by the Australia New Zealand Screen Association (ANZSA) and the Motion Picture Association (MPA) at an event at Parliament House in Canberra.
Speaking at the event, producer Jon Kuyper, who has