Film Victoria has announced that it has opened up its $15 million revolving fund to provide cash flow loans up to $3 million against the producer offset. This is not new money, so the Offset cashflow will now be in competition with the completion guarantee cashflow, and with the Australian Tax Office (ATO) still insisting on yearly processing of the Offset, the money is going to run out fast.
Jenni Tosi, General Manager Industry, Development and Investment, told ScreenHub that about one-third of the available $15 million was already committed, and that they did not expect it to last beyond the middle of 2009.
