Investment in films and TV made in Australia dropped by 29% in the 2023-2024 financial year, according to a report by government funding body Screen Australia.
Spending on films and TV made in Australia totalled A$1.7 billion during this period, across 169 Australian and international titles. This is 10% below the five-year average.
“In an environment where international financing is also increasingly harder to source, we need to pull together as an industry to ensure the sustainability of the sector,” said Screen Australia CEO Deirdre Brennan.
“Despite these challenges, we’re optimistic about the future and confident that there will be an uplift in production in the year ahead. Screen Australia will continue to collaborate with industry to identify growth opportunities and ensure Australian screen stories thrive.”
While expenditure was down 29% from the previous year, 2020-2023 represented a three-year high spending cycle. This was due to “Australia’s status as a COVID-safe filming destination, streaming growth and a number of high-budget theatrical features”, Brennan said.
The report finds this year’s slump has mainly been caused by a lack of high-budget TV and theatrical features. Spending was also impacted by uncertainty over Australia’s now-passed Location Offset legislation, which offers large-budget screen productions a tax rebate, and industrial action in the United States by the Writers Guild of America and performers’ union SAG-AFTRA.
$929 million of total expenditure stemmed from Australian films and TV, particularly TV and video on-demand productions.
$214 million was spent on Australian theatrical features, plummeting 42% from last year and 49% below the five-year average.
“The report provides concrete evidence of the need for Australian Government action across various areas. First and foremost, we urgently need the Government to stand up for Australians against powerful global interests and put some fair and reasonable local content rules in place for streaming services,” said Matthew Deaner, CEO of industry body Screen Producers Australia.
“No government can look at these figures and conclude that all is well in the Australian screen industry. Australian audiences deserve to see and hear their own stories on all platforms,” said Deaner.
