Yahoo News Australia Increases Location Offset For Inbound Production To 30% From July 1
Australia, already one of the world’s leading inbound production hubs, has increased its Location Offset for international film and TV productions shooting in the country to 30% from the current 16.5%, effective from July 1, 2023.
The news was announced as part of Australia’s 2023-24 national budget by federal treasurer Jim Chalmers.
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In 2020 during the early days of the pandemic, Australia topped up its existing schemes with a $270M (A$400M) Location Incentive program, which will now be merged into the Location Offset, also effective July 1.
A recent study by UK-based consultancy Olsberg SPI, commissioned by the Motion Picture Association (MPA) and the Australia New Zealand Screen Association (ANZSA), found that 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.
The report also found that 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.
The MPA, which represents the US studios, congratulated the move: “The increase of the Location Offset to 30% will allow Australia to remain competitive in this very active global industry, helping to ensure that Australia will be home to many more film and television productions for years to come,” said Belinda Lui, MPA Asia Pacific President and Managing Director.
Australia also offers a 30% Post, Digital and Visual Effects (PDV) Offset for international productions that travel to Australia for VFX and post. The country’s incentives programmes also include a third scheme, the 40% Producer Offset, which is aimed at local productions as it requires an Australian cultural test.
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