Super funds invest in film

JUST Superannuation, is working with Melbourne Industry Funds Management to establish a $50 million fund to bankroll Australian film and television production.

Super funds invest in film

JUST Superannuation, the fund attached to the union for journalists and entertainers, is working with Melbourne Industry Funds Management to establish a $50 million fund to bankroll Australian film and television production.

"Just has committed $10 million in principle and is looking for four more super funds to come in with another $10million each,'' Just trustee and Screen Producers Association of Australian chief executive Geoff Brown said.

"It will perform an important function for the industry and provide good returns to the superannuation fund members in a very secure environment, backed by government guarantee.''

Film Finance Corporation Australia will today upload on to its website more than 700 pages of legislation, rules and other detail about the rebate-based financing system to which Australian producers will have to adapt.

The corporation will today also start accepting applications for projects that need provisional Australian certification. Without that, it will not be possible to finance them.

Under the new system, in broad terms, producers can claim back 40 per cent of what they spend in Australia making films, if they spend at least $1 million.

Various groups have already expressed interest in bankrolling producers.

Some local banks are examining opportunities - the Commonwealth Bank is rumoured to be one but would not comment yesterday - but film-experienced overseas banks are expected to be the frontrunners.

These include Standard Chartered Bank, the Royal Bank of Ireland and the Bank of Scotland. One of the first entities outside banking to put up their hand was the International Film Group, formed by former Macquarie Bank film executive Jennie Hughes, who is in partnership with Britain-based financier Bill Allan, the founder of Baker Street Media.

Queensland filmmaker Richard Stewart and producer Grant Bradley are in position as well.