A raise in the television industry’s tax offset from 20% to 40% could generate $103 million in economic activity, according to a report recently released by PwC.
The Report was commissioned by Screen Producers Australia (SPA) and Australian Television & Radio Association (ASTRA). The media moguls have taken time out from being competitive mortal enemies in a bid to demonstrate the collective potential benefits of such a move for the domestic media industry and the wider economy.
The move would see the creation of 360 new production jobs at a time when the domestic sector is becoming increasingly infiltrated by offshore streaming services such as the well-known ‘NETFLIX’.
The offset will place the television industry on an even playing field with the film industry as well as increasing its competiveness with the foreign countries such as New Zealand and Malaysia, who already enjoy such benefits.
With reported support from MPs including Senator George Brandis, the Minister for the Arts, there is strong potential for this development to pass. Let’s hope the television industry is given a chance to benefit from this tax re-vamp and gain the competitive edge it needs. After all, it appears the Government has nothing to lose and $103 million to gain.