November 17, 2016
By Thanussha Priyah
The Hon Mitch Fifield, Minister for the Arts launched Screen Currency, the most significant report ever undertaken into the value of Australia’s screen industry. The report is the first comprehensive assessment of the economic, social and cultural worth of the nation’s screen sector, and comes amid discussion around regulatory reform to better support the industry into the future. The report, commissioned by Screen Australia, shows that the creation of Australian screen content and talent provides around $3 billion annually to the local economy, generating in excess of 25,000 jobs.
Australian feature films, TV dramas and documentaries earn at least $252 million annually through exports. Approximately 230,000 international tourists visit Australia or extend their stay each year as a consequence of Australian screen content, spending an estimated $725 million. The report also found the value the Australian public place on locally made screen content is $17 billion annually.
A year in the making, Screen Currency combines the findings of research by Deloitte Access Economics and Olsberg SPI. The analysis draws on measures including Australian Bureau of Statistics data, screen industry production and performance data, as well as survey results of approximately 1,100 Australian and international respondents, and consultations with Australian production, film distribution, broadcasting and digital distribution experts.