The Location Incentive program will receive an additional $400 million, increasing the funds available under the Location Incentive over the next three years and extending the program to 2026–27, building on the $140 million announced in May 2018.
This will result in a further injection of foreign expenditure of approximately $3 billion into the Australian economy and create a steady pipeline of local jobs and training opportunities in the screen production sector.
The funding will assist Australia's dynamic industry remain strong and vibrant so it can continue to showcase our remarkable talent both on and off screen.
The Location Incentive will attract international footloose films and television productions to Australia which will deliver significant benefits to both the Australian screen production sector and to the economy more broadly.
The Australian screen sector plays a significant role in telling the stories of our cultural identity and contributes to the nation's economy.
Already 10 productions have been supported under the $140 million, which will generate spending of approximately $1 billion, support 8500 local jobs and use over 9000 Australian businesses including those that support the sector.
The Location Incentive effectively increases the current Location Offset rate from 16.5 per cent to 30 per cent.