Australia Increases Foreign Movie Production Incentive

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Australia Increases Foreign Movie Production Incentive.
The Australian government is looking to attract more international movie productions to the country by lifting the location incentive, effectively increasing the tax rebate provided to large budget international productions from 16 percent to 30 percent, government officials said Friday.

A new $105 million (AUS$140 million) Location Incentive Fund will come into effect from July 1 and will be effective for the next four years. The move provides certainty to the Australian film and TV sector and international studios who have long been asking for a permanent lift to the location offset to 30 percent, to be more internationally competitive. In recent years studio features including Aquaman, Thor: Ragnarok and Alien: Covenant have all been filmed in Australia after the Federal Government topped up the location offset to 30 percent with individual grants on a case by case basis.

Foreign minister Julie Bishop said its estimated that the boost to the existing incentives, will bring in productions that will provide over $196 million in new foreign investment to the local economy. While no new productions have yet been announced, anything coming through the pipeline will create more than 3000 jobs for Australian cast and crew, and support the services of around 6,000 Australian businesses each year, Bishop said.
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