The $140 million “Location Incentive” will effectively double the current location offset rate to 30 per cent for eligible large-budget international productions that film in Australia from July 1 this year.
South Australian Film Corporation CEO Courtney Gibson described the announcement as “great news for Australia, but even better news for South Australia”.
She added that when the incentive was combined with SA’s own 10 per cent Production, Digital and Visual Effects (PDV) Rebate, the state would be able to offer the best rebates in the country.
Tony Clark, managing director of Adelaide-based visual effects studio Rising Sun Pictures – which has recently worked on films including Tomb Raider, Peter Rabbit and Thor: Ragnarok – said it was “a game-changer for the entire industry”.
“This announcement significantly shifts the landscape in favour of filming in Australia,” he said.
“In combination with the South Australian Post, Digital, Visual incentive, it represents a powerful drawcard to bring production and post-production to the state, creating significant employment and growth opportunities for screen businesses.”
Production and post-production business Kojo’s CEO, Dale Roberts, said the incentive would create “a compelling competitive advantage” for South Australia to be considered one of the world’s leading production and PDV centres, creating more confidence of long-term high-quality careers for artists.
In its announcement, the Federal Government claimed the Location Incentive would bring in more than $260 million in new foreign investment to the local economy and create more than 3000 jobs for Australian cast and crew.
A joint ministerial release said it was a means of insuring the Australian film industry remained vibrant and competitive. The one state singled out for mention was Queensland.
“This new funding means more international films will be made here in Australia, and particularly in Queensland, which means more local jobs,” said federal Minister for Trade, Tourism and Investment Steven Ciobo.
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