Aussie films and TV get extra $10 million from Media Super
Superannuation company Media Super has increased its investment in local films by $10 million.
The announcement:
Media Super has announced an increase to its investment in local film and TV production from $20 million to $30 million following a review of performance by the Fund’s Investment Committee. Since 2010 the Fund has provided a cashflow loan facility to help finance domestic film and TV productions via a partnership with Fulcrum Media Finance.
“This alternative investment has earned members an approximate overall 8% p.a. return since inception and 8.8% in the last financial year. The decision to increase our funding by 50% is a reflection of the ongoing confidence we have in the benefits of this unique financing model”, CEO Graeme Russell said.
“Since this cashflow facility was launched, Media Super has invested millions and has helped to finance a range of high quality domestic film and TV productions. It is a profitable and productive investment; it adds depth to the existing pool of finance available to support local productions and complements the funds available from other institutional and private investors.”
“This is a non equity arrangement specifically for the film and television industry, backed by the Government through the Producer Offset. The revolving funding arrangement helps to develop one of our core industries with the provision of debt finance during the key production stage. Many of our members and participating employers work in creative industries and a productive investment like this not only generates solid earnings for their industry super fund but also supports the development of one of our key industry sectors.”
“Both the Media, Entertainment and Arts Alliance (MEAA) and Screen Producers Association of Australia (SPAA) support the Fund’s involvement in this alternative investment which is unique to Media Super.”
Local productions that have previously benefitted from Media Super’s investment include the highly successful television series Miss Fisher’s Murder Mysteries and feature films Wish You Were Here and Not Suitable For Children, while forthcoming productions include Drift starring Sam Worthington, a ‘70s surf drama due for national release in early May.
Also in the pipeline are the Australian/UK co-production The Railway Man based on the Eric Lomax autobiography of the same name and starring Colin Firth and Nicole Kidman; The Rover starring Guy Pearce and Robert Pattinson; These Final Hours, a drama from first time feature producer Liz Kearney; and The Gods of Wheat Street, a 6 episode television series currently in production for ABC TV.
Source: Media Super press release.
Australian film is a good investment! Great to see something positive in the media about the state of our film industry!!
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