Following last night’s budget, Australian Arts Minister Peter Garrett yesterday sang a song partly in tune with industry demands for changes to the country’s incentive schemes. It was good news for the industry, but not as good as had been lobbied for.
The industry, SPAA in particular, and state funding agencies had requested both a lowering of the qualifying expenditure threshold (from AU$5 million) and an increase in the value (from 15%) for the country’s PDV Offset. They got half of what they wanted, with the threshold slashed to AU$500,000. The value remains at 15% of spend.
