Prime Minister John Key, Minister for Economic Development Steven Joyce and Minister for Arts, Culture and Heritage Christopher Finlayson announced the changes at the New Zealand Film Commission in Wellington on Monday morning.
The grant on international film and television productions now rises from 15% to 20%. A further 5% will be available for international productions that deliver significant economic benefits to New Zealand. Eligibility will be assessed through a points system to be released in due course.
The New Zealand Government will be introducing a new funding mechanism the New Zealand Screen Production Grant, an uncapped fund that will replace the current Large Budget Screen Production Grant (LBSPG) and the Screen Production Incentive Fund (SPIF).
Film New Zealand and the New Zealand Film Commission welcome the changes.
“This sends a strong message internationally that New Zealand is competitive and that the screen sector is backed by the New Zealand Government,” says Film New Zealand Chair Julian Grimmond. “When combined with New Zealand’s reputation for talent, and some significant cost advantages, it makes a convincing argument for international production to come to New Zealand.”
Detailed criteria for all grants will be finalised in early 2014.