$400m lure to attract blockbusters down under
After Queensland missed out on some major Hollywood productions despite earlier successes, a change to an obscure tax break could get it back in the “action”.
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QUEENSLAND’S struggling screen industry is set to be the major winner from a $400 million package to attract international blockbusters to film Down Under.
The Federal Government will extend a lucrative tax break that has been used to attract global blockbusters such as Thor: Ragnarok and Aquaman in a bid to create a pipeline of major productions for studios.
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It estimated the additional $400 million to be pumped into a location incentive, which will effectively create a 30 per cent tax offset for international productions, could attract $3 billion in foreign spending and 8000 jobs each year.
Prime Minister Scott Morrison said the package would help the screen sector recover from the pandemic with jobs set to flow to carpenters, lighting technicians, local actors, extras and crews.
“Behind these projects are thousands of workers that build and light the stage, that feed, house and cater for the huge cast and crew and that bring the productions to life,” he said.
“This is backing thousands of Australians who make their living working in front of the camera and behind the scenes in the creative economy.”
Queensland Premier Annastacia Palaszczuk has previously clashed with the federal government as she’s pushed for the base 16.5 per cent tax offset to be lifted to 30 per cent with the location incentive.
It was temporarily applied in 2014 to successfully entice Disney to film the $230 million production of Pirates of the Caribbean: Dead Men Tell No Tales to the Gold Coast.
In 2018 Screen Queensland accused the Federal Government of costing the Gold Coast $300 million after three major productions, including the reboot of Tomb Raider and the Fast and the Furious spin-off, turned their back on the Gold Coast in favour of cheaper overseas locations.
In February Ms Palaszczuk wrote to Mr Morrison asking for the location incentive to help attract a major Hollywood film star who wanted to film his next movie on the Gold Coast.
The incentive will be boosted through to mid-2027 to help studios to commit to a pipeline of projects over multiple years.
Communications Minister Paul Fletcher said the funding would sustain the vitality of Australian screen production and support jobs and local businesses.
“Through this additional commitment the Government is telling the world that Australia is a desirable destination for screen production – with great locations, skilled crews, world-class talent, post production expertise and state of the art facilities,” he said.