Media Super has lifted its funding commitment to local film and television production from $20 million to $30 million. The decision, announced in late April 2013, is a reflection that the partnership established with Fulcrum Media Finance in late 2010 to provide cashflow loans backed by the Producer Offset has been a success.
On a national scale, $30 million doesn’t look that important when measured against a $3.2 billion dollar fund, $450 billion in industry super or the $1.4 trillion in Australia’s superannuation system, yet any decision by a super fund to lift its commitment by 50% in a single investment is a sign of confidence that there is a long term benefit to members.
Investing in Australian film and TV is not the normal territory for super funds, but then Media Super is not your normal industry super fund. Formed in late 2008 from merging the former JUST Super, heavily based in journalism, arts and entertainment, with the print and packaging focussed Print Super, the fund now boasts a member base comprising of much of Australia’s creative, cultural and communications based occupations.
Strong links with industry bodies like the MEAA, Screen Producers Association of Australia, Live Performance Australia, the Australian Writers’ and Directors Guilds, and the Printing Industries Association of Australia attest to this diversity.
Like many industry funds, Media Super has long looked for opportunities to diversify investments away from the heavy concentration on domestic and global stocks and shares. Building members’ investments in ‘alternatives’, national infrastructure, transport and clean energy assets has been a decade long trend. These are productive investments that can generate steady returns for members over a lifetime while also building the economic base of the nation. The contrast with short term speculative investment and the daily gyrations in sharemarkets is very stark.
The decision to increase the funding of local films fits neatly within this philosophy. The fund’s members predominantly work in creative industries, including the film and television sector, and members often work directly or indirectly on productions backed by some of their own super. Providing additional funds year on year adds depth to the existing pool of finance available to support local productions, and alternative investments like this help to generate solid earnings for fund members while supporting the development of one of Australia’s key cultural industries.
It’s not just about the movies.
To learn more about Media Super, including recent and upcoming productions to benefit from the funding arrangement, visit www.mediasuper.com.au
