Australia’s Production Offsets Boost Local Economy By $11.4BN, Says Olsberg SPI Report
deadline.comAustralia’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.
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