Govt extends finance fund as sector recovers from pandemic

The Morrison Government will extend two measures to support the local screen content as it recovers from the COVID-19 pandemic.

The $50 million Temporary Interruption Fund (TIF) will be extended for a further six months, to provide coverage for productions that commence principal photography prior to 31 December 2021.

“Despite our successes in managing COVID-19 in Australia, the continuing severity of the pandemic internationally is a problem for screen production, with insurers still not providing coverage for COVID-19 related events,” Minister Fletcher said.

“TIF has been vital in providing the certainty that productions need to secure financing, and it will have assisted with more than 12,000 production roles and 5000 business contracts in its first year of operation.”

The Morrison Government will also retain at 40% the Producer Offset rate for feature films with a theatrical release. In addition, as announced last year, the Government will raise the Producer Offset rate from 20 to 30 per cent for other eligible formats such as drama and documentary content for television and streaming platforms.

Screen Producers Australia welcomed both moves.

“We thank Minister Fletcher, Treasurer Frydenberg, Prime Minister Morrison and their colleagues across the back benches for listening and engaging actively with our sector over recent months. The voice from the sector has been a strong and passionate one to these leaders and their Federal Government colleagues and we are both extremely pleased and grateful for the result,” CEO Matthew Deaner said.