ACT Film Investment Fund
The ACT's creative industries, including film, television and digital media productions, are set to benefit from a new three-year, $1.8 million fund that will provide finance for local productions with funding from the 2010-11 ACT Budget.
Chief Minister and Minister for the Arts, Jon Stanhope, said the new ACT Film Investment Fund would be managed by ScreenACT - a Government-funded organisation which supports the ACT's creative industries and promotes the ACT and region as a location for filming and production.
He said the Fund would boost the capacity of ScreenACT to attract and retain business in the creative sector.
"Canberra has a growing digital media, film and TV production industry, with significant potential for further development," Mr Stanhope said. "Our creative industries already account for 9 per cent of all jobs in the ACT, compared to the national average of 5.3 per cent.
"To help our creative industries to grow, the Government is investing $1.8 million over three years to create a new fund that will provide finance for local film, television and digital media productions. It will complement ScreenACT's charter to promote the ACT and surrounding region as an attractive location for filming and production.
"This targeted investment will also allow local businesses to leverage the potential economic and tourism benefits that result from local productions," Mr Stanhope said.
The ACT Film Investment Fund will be open to applicants with confirmed finance partners or who can demonstrate a level of marketplace interest in their production.
Funding will be provided for ACT-based productions under contract as an equity investment and recouped by the Government where a profit is made. All profits will be reinvested into the Fund.
The Fund will be managed by ScreenACT in collaboration with the Chief Minister's Department and an external advisory body which will recommend projects for support.
Up to $400,000 will be available in 2010-11, $600,000 in 2011-12 and $800,000 in 2012-13.
Guidelines are currently being developed and more information will be released in the near future.