SYDNEY, Australia – 1 July 2020 – The Interactive Games and Entertainment Association (IGEA) has urged the Government to support the Joint Standing Committee’s recommendations around trade and investment growth, following its recent inquiry into ‘Supporting Australia’s exports and attracting investments’.
Last month, the Parliamentary Committee on Trade and Investment Growth tabled the final report of its inquiry, Trade Transformation: Supporting Australia’s exports and investment opportunities to Parliament. In its report, the Committee recommends that the Government introduce a refundable tax offset for video game development in Australia, in line with the offsets provided to the film and television production industries.
IGEA made a formal submission to the inquiry calling for this reform, with Chair Edward Fong and CEO Ron Curry presenting at a hearing in Sydney where they pressed the video games industry’s case for a tax offset.
The Committee has recognised that targeted tax incentives can be an efficient way to generate investment, and dedicated more than a page in its final report to a case study highlighting the investment and export opportunities that a supported, thriving Australian video games industry can provide.
Mr Curry thanked the Committee for its consideration of the video games industry, saying, “We strongly welcome the report and appreciate the Committee’s invitation to IGEA to speak about this important recommendation for a policy that can attract hundreds of millions of dollars and create thousands of jobs.
“While this recommendation for a tax offset for video game development is not the first by a Parliamentary Committee, it is one of the most important as it focuses on the vast investment and export growth potential of games, at a time when Australia needs it most. With equitable government support levers, the game development industry has the power to help Australia export its way to economic recovery.
“I would like to thank the Chair of the Committee, George Christensen, and each of the Committee members across both major parties for their acknowledgement of the potential of the games sector.
“It is now up to the Australian Government to respond to this report. We strongly urge it to accept recommendation 17 and introduce a refundable tax offset for video game development in Australia.
“With the Government currently undertaking a review of its screen policies and South Australia recently extending its PDV rebate to game development – creating the first rebate for game development anywhere in Australia – there has never been a more important time to provide a tax offset for video game development.”
The Committee’s full report can be downloaded on the Parliament House website here.
IGEA (Interactive Games & Entertainment Association) is the peak industry association representing the voice of Australian and New Zealand companies in the computer and video games industry. IGEA supports the business and public policy interests of the games industry, through advocacy, research and education programs. For more information, please visit www.igea.net
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