In the Picture (Lawrie Zion, The Australian, 2-3/7/05) is a good piece on the new film funding mechanism in Australia. Put simply, in the old days Film Finance Corporation (FFC) funded film making through a "marketplace" mechanism: decision was made primarily on whether the film had secured local/international distribution or sales deals or other finance. FFC has now added a new "evaluation" mechanism whereby FFC has a greater say in assessing the quality of fund-seeking film projects.Such a change was made in the backdrop of dismal box-office performance of Australian films in recent years. According to the article, "just 15 feature films were made in each of the past two financial years, compared with 24 in 2001-02. ... Last year, Australian films earned just 1.3 per cent of the annual box-office take of $900 million. ... In 2003-04 just $10.1 million in film funding came from local private sources, down from $28.9 million two years earlier. ... In some cases, these films have earned less than 2 per cent of what FFC invested in them. And these were films that made it to the screen."
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