The Interactive Games & Entertainment Association (IGEA) today heralded the announcement from the Prime Minister and the Minister for Superannuation, Financial Service and the Digital Economy Senator, the Hon Jane Hume, of a new Digital Economy Strategy that will include a refundable tax offset for video game development.
This new policy announced today is not only Australia’s first ever federal tax incentive for video game development, but it is one of the most significant to be implemented anywhere in the world.
“This is a very welcomed day for Australian-made video games. We congratulate the Prime Minister, Minister Hume, the Minister for the Arts the Hon Paul Fletcher MP and the Treasurer Josh Frydenberg MP for recognising not only that video games have an important place alongside TV and film in Australian screen production and storytelling, but also their unparalleled potential for supercharging Australia’s exports, attracting vast inward investment, and up-skilling a whole new generation of Australian digital workers”, said IGEA CEO Ron Curry.
“The Government’s new investment commitment today will do many things. It will spur the creation of brand new Australian game development studios, give existing Australian studios the support they need to take on ambitious new projects and accelerate their growth, plus attract further blockbuster AAA studios to Australia, all of which will create game development jobs in every state.
“This new federal investment will underpin a new wave of Australian video game development, leading to even more amazing Australian-made games to take to the almost $250 billion global video games market – which is arguably the largest entertainment market in the world – and bring new Australian voices and stories to a truly global audience”, continued Curry.
“It is clear from today’s decision that the Morrison Government has noticed how innovative and successful Australia’s game developers are, as evidenced by standout titles like Big Ant Studio’s AO Tennis 2 and SMG Studio’s Moving Out, to the amazing local independent studios like Mighty Kingdom and Hipster Whale who are exporting their games and services around the world, as well as the investment being poured into the Australian economy by international studios such as Sledgehammer Games, Gameloft, Wargaming, and Firemonkeys”, said the Chair of IGEA and Managing Director of Koch Media, Roger Clarke.
“I thank the Morrison Government for engaging with and listening to IGEA, who have been relentlessly advocating for government funding for Australian video game development for years, and the talented Australian video games industry that it represents. With this new support, there is an incredibly bright future for Australian game developers and the wonderful games and experiences they create”.
IGEA looks forward to working with the Morrison Government on arrangements for the implementation of the tax offset, and working with our members and the entire local and international video games industry to make Australia the best place in the world to make video games.
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The announcement on the Digital Economy Strategy from the Federal Government can be found here.