New South Wales lowers effects funding threshold
Government assistance now available for smaller projectsSYDNEY -- The New South Wales government Friday announced it is lowering the threshold requirements for companies wanting to access government rebates for post digital and visual effects work from AUS$3 million ($2.62 million) to AUS$500,000 ($435,000), in line with recent changes to thresholds for similar funds offered by the federal government.
“With the minimum project spend now $435,000, NSW-based companies will be able to aggressively market their services internationally providing high-value employment in a sector that drives innovation and investment,” NSW treasurer Eric Roozendaal said.
“High thresholds for assistance were a barrier for Australian companies wanting to bid on smaller but still lucrative international projects at a time when the exchange rate and higher incentives in Canada and elsewhere made it increasingly difficult to win large scale projects,’ he said.
The NSW government operates the Film and Television Industry Attraction Fund, which provides a package of incentives to approved productions, but not investment funding aimed at increasing the State's market share of production by attracting larger budget foreign productions.
Roozendaal said the move would assist NSW-based companies like Animal Logic, Cutting Edge, Deluxe Australia, Efilm, Fuel VFX, FSM and The Lab Sydney, who have worked on projects such as “Happy Feet,” “Sucker Punch,” “Iron Man 2,” “Harry Potter and the Order of the Phoenix,” “Charlotte’s Web” and the new Peter Weir film “The Way Back” in recent years.
“The fund will now work with even greater effectiveness to help stimulate film and television production and post production in NSW; increase the State's market share of production; generate new employment opportunities; enhance the skills of the local industry; and facilitate the introduction of new film-related technologies in NSW,” he added.