New regime for film finance down under

From 1 July a new statutory body will be responsible for film production finance in Australia: Screen Australia will merge the present functions of three bodies -- the Australian Film Commission, the Film Finance Corp. and documentary production agency Film Australia -- into a single agency which will be responsible for film and TV industry financing and cultural development. The National Film and Sound Archive will be spun off as a separate government agency. According to the government, the new agency

"will help restore investor confidence and put the industry on a new growth path. It will ensure a strong Australian voice across film, television, documentary and children's programs".

Screen Australia will oversee the new financing incentives that were put in place last year, including a 40% tax offset available to producers of qualifying Australian films, a 15% locations offset and a 12.5% tax offset for postproduction.