Thor no more? Australia losing out on Hollywood blockbusters as it becomes too expensive to film Down Under
The days of Superhero hits such as Thor: Ragnarok and Aquaman being filmed Down Under may be numbered.
A new reports claims Australia is losing out on filming Hollywood blockbusters to other countries.
According to The Sydney Morning Herald, The United Kingdom, Canada and New Zealand are more attractive for movie production because they offer better funding assistance to major films.
Australian hero! Blockbusters Thor: Ragnarok and Aquaman were both recently filmed down under but studios are attracted to cheaper locations like the UK, Canada and New Zealand
Australia attracts overseas productions with a location offset – but at 16.5 per cent, it’s ‘the lowest in the world’.
This means that studios that spend $100 million in Australia will get $16.5 million back for creating jobs and boosting the local economy.
The offset was suggested to be boosted to 30 per cent in a 2017 parliamentary inquiry.
Hollywood at home: Chris Hemsworth (pictured) was a big advocate for Thor: Ragnarok to be filmed in Australia – but whether the next Thor film will be filmed here is uncertain
An extra $140 million in assistance is available for major Hollywood productions from 2019 to 2023 – effectively making a 30 per cent offset.
But a third of the funding has already been spent just one week into the new financial year.
Currently, an untitled Marvel film, Godzilla vs Kong, Monster Problems and two TV shows, Reef Break and the fourth season of Preacher, are being filmed Down Under.
Funding frenzy! Recent hit Aquaman (pictured) was shot on the Gold Coast and in New South Wales with assistance from the 16.5 per cent funding offset
Screen Producers Australia chief executive Matthew Deaner said new methods like quotas to produce local content for Netflix would be welcome.
‘It’s great to get the latest Marvel production down here. But I’d rather we balance that with getting big budget television shows coming out of Australian brains,’ he said.
‘They are the ones that put us on the global map and give our economy a massive shot in the arm in an ongoing way. We’ve got to get the balance right.’
TV over movies? Screen Producers Australia suggested local content quotas for Netflix to promote longer term investment in production