US media giants are looking to cash in by pumping money into Australia’s film and TV industry.
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The federal government will hand Disney $17 million in funding and tax subsidies in return for producingFederal Arts Minister Tony Burke said the decision to produce the film in Australia would bring $128 million and 400 jobs to the local economy.But companies like Disney, Netflix and Amazon are also benefiting from the strong US dollar against the local currency, making content acquisition and the production of large-scale projects substantially cheaper for American firms.
The Australian dollar is down more than 17 per cent against the US dollar in the past 12 months, as pessimism spreads throughout the global economy. The Aussie dollar now buys US64¢.Screen Australia said production budgets on movies made in Australia had increased by 91 per cent in 2020-21, shaking off shutdowns caused by the coronavirus pandemic.
“You need to make sure that the industry is strong enough that if the dollar is high, or if the dollar is low, you’ll be able to weather that storm,” he said.It is an issue that is not just front of mind for producers of film and TV. US executives at Paramount Global, the owner of Channel 10, viewed the strong US dollar as playing in the company’s favour when it made a bid for the AFL rights last month, according to a person familiar with the matter.
“He’s taking all of the equipment and all of the crew. Hopefully, some day, that movie ends so we can pick up some more stuff.”
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