$200m film and TV funding milestone
At a time when funding and regulatory support for bringing Australian stories to our screens is under pressure, the industry's own super fund, Media Super, has again increased its support for local film and television production.
Fulcrum Media Finance's cash–flow lending on the Goalpost Pictures feature film I Am Woman – the story of Helen Reddy – takes Media Super's total lending for Australian film and television productions past $200 million.
Media Super CEO, Graeme Russell, also announced at last night's Australian Screen Awards a further increase in their revolving Australian film and television financing fund, to $80 million. The revolving loan facility, used to cash–flow the Producer Offset and PDV Offset tax rebates and provide pre–sale advance loans, is managed through an 8–year partnership with Fulcrum Media Finance.
Mr Russell said that in the 30 years the fund has worked with members in the entertainment and arts industries a lot has changed, but one thing certainly hasn't – Aussies are a talented bunch with amazing stories to tell.
'We have a rich history of story–telling in this country, but it's always been a challenge to get these stories onto our screens, so we're extremely proud that we're able to support our industry to make this happen,' Mr Russell said.
'Our funding means we can contribute to the financing of local productions at low–risk and achieve stable returns, while also giving Australian actors, directors, writers, filmmakers and crew continuing opportunities to ply their craft at home.'
Fulcrum Media Finance Managing Director, Sharon Menzies, said that 'Media Super's support for the industry is to be applauded. Our partnership with Media Super allows Fulcrum to provide reliable and flexible cashflow lending to the industry.'
Over eight years, Media Super has supported more than 130 productions, including award-winning, box office hits The Dressmaker and Lion, wonderful Australian stories like Jasper Jones and Sweet Country, and TV favourites including Rake, Cleverman, Here Come the Habibs, The Letdown, Upper Middle Bogan and Back in Very Small Business.
The investment is also helping bring new, diverse voices to our screens. The critically–acclaimed Cleverman brought Australia's first Indigenous superhero to Australian and international audiences, and Wham Bam Thank You Ma'am served–up fresh comedy that pokes fun at gender stereotypes and cultural norms from a female perspective.
Since 2010, Media Super's film and TV production loan fund has earned its members a healthy average return of 6.4% per annum, while supporting job opportunities for its members.