Producer Offset reforms will help more local and diverse productions hit our screens
Recent reforms to the Producer Offset will see more Australian stories reach our screens, providing more opportunities for new and diverse voices.
The Producer Offset is a rebate for producers of Australian feature films, TV, and other projects. The rebate for non-feature length content has been raised from 20% to 30% of qualifying Australian expenditure (QAPE). The Gallipoli Clause has also been retained, which allows production costs incurred outside Australia to be claimed under the Producer Offset.
The changes are great news for the film and TV industry and Media Super members who work in them. We’re proud to be able to support these members, actors, filmmakers, and crew through our ongoing loan facility in partnership with Fulcrum Media Finance.
Established in 2010, we invest $60 million in this revolving loan facility to Fulcrum, which is used to cash-flow the Producer Offset and provide access to pre-sale advance loans for film and TV productions across Australia and New Zealand.
Approved projects can claim a tax rebate on completion of the project; but much, if not all, of the rebate amount is actually needed during pre-production and filming.
Through Fulcrum, we’re able to lend up to the rebate amount to the producer(s) of a film or TV show, helping to get productions off the ground. The money is repaid with interest at agreed milestones, and this low-risk investment in turn provides a stable return for Media Super, and ultimately our members.
Originally launched as a $30 million revolving loan facility in 2010, the investment has been increased over the years to meet demand. By June 2021, we had loaned more than $275 million to help finance a range of film and TV productions since the facility was launched.
Some of the notable local productions we’ve supported include The Dry, Bump, Cleverman, Struggle Street, The Dressmaker and Wham Bam Thank You Ma’am, as well as a range of children’s programming.
“Through our film and TV investment in local productions we're helping to ensure Australian stories continue to be told, as well as helping to bring new, diverse voices to our screens,” Media Super CEO Tony Griffin said.
“As the industry’s own super fund, Media Super knows how important it is to continue to create opportunities for new and established local talent.”
You can read more about the productions we’ve supported in our 2020-21 Annual Report.
Reforms took effect in December 2021 and apply retrospectively to productions that commenced on or after 1 July 2021.
Header image credit - Bump, Carlos Sanson Jr (SANTI) and Nathalie Morris (OLY)
