Australian Film and TV Production Spending Drops Nearly 30% in 2023-24

Declining investments, reduced free-to-air contributions, and stalled streaming content quotas challenge the industry’s sustainability.

Screen Australia's latest report reveals a 29% drop in film and TV production spending in Australia, falling to $1.7 billion in 2023-24 from $2.4 billion the previous year.
The decline is attributed to global economic conditions, the impact of Hollywood's 2023 strikes, and uncertainty surrounding government incentives for international productions.
Free-to-air television spending on original Australian drama and children’s content has sharply declined, with commercial networks contributing just $41 million across four titles.
Streaming platforms now dominate Australian drama production, with Stan leading contributions, but the lack of mandatory local content quotas raises concerns about sustained investment.
The Australian government has delayed introducing local content requirements for streaming platforms, citing compliance concerns with the Australia-US Free Trade Agreement, with no resolution expected before the next federal election.