2022-23 Pre Budget Submission to the NSW Treasury
IGEA has made a Pre-Budget Submission to the NSW Treasury ahead of the 2022-23 Budget.
In our submission, we recommend introducing a competitive funding program for game development by supporting independent studios that may not meet minimum expenditure thresholds. Currently, smaller developers, constituting the majority of NSW-based studios in terms of sheer numbers, lack access to direct assistance for games production.
In our submission, we highlight that:
- Video games are the world’s fastest growing creative industry, the global market has expanded 20% since COVID alone and is worth $250+ billion annually.
- We welcome the NSW’s government’s move to commit to a state-based tax offset to complement the federal DGTO. It will make the state one of the world’s most attractive destinations for video game development.
- However, the funding ecosystem is still missing a crucial component: We advocate for a competitive funding program for game development by supporting independent studios that do not meet minimum expenditure thresholds. It would be administered by Screen NSW.
- Direct funding will be highly effective in attracting investment, creating skilled full-time future-proof jobs, and generating export-generating projects that will aid Australia’s post-COVID recovery.
Details of the call for Pre-Budget submissions can be found here.