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State film agencies: Revolving loan schemes

Revolving loan schemes, 1994/95–2006/07

The purpose of revolving loan schemes is to provide cashflow for producers to cover production expenses where distribution guarantees and presales required to meet the budget cost of a project are to be withheld until the project is completed (interim financing) and the arrangements for guarantees have been affected.

Loan outlays from revolving loans schemes by state film agencies, 2000/01–2006/07

Four state film agencies operate revolving loan schemes, as follows:

Film Victoria – a one-off grant of $3 million awarded in 1994/95. An additional $12 million was awarded in 2001 over two years; the first $6 million was provided in 2000/01 and the other $6 million in 2001/02.
NSW Film and Television Office – a one-off grant of $5 million awarded in 1995/96.
Pacific Film and Television Commission – allocation of up to $15 million made available from 1997/98 onwards (up to $3.5 million in 1996/97), with drawdowns against the allocation subject to negotiation with the Queensland Treasury.
South Australian Film Corporation – a one-off grant awarded in 1998/99 (but paid to the agency in two equal payments over the financial years 1998/99 and 1999/00).

Since 1995/96 the PFTC has loaned a total of $26 million through its Revolving Film Finance Fund. Film Victoria has loaned $24 million since 1994/95.

	$million
	One-off loan allocations¹	Annual loan allocations²	Loan outlays	Loans repaid
1994/95	3.00	–	1.00	n.a.
1995/96	5.00	2.36	6.54	n.a.
1996/97	–	2.06	6.42	n.a.
1997/98	–	3.98	8.45	n.a.
1998/99	1.50	2.10	5.73	n.a.
1999/00	1.50	0.45	4.00	n.a.
2000/01	6.00	2.90	6.34	2.88
2001/02	6.00	3.12	13.41	7.57
2002/03	–	3.36	5.25	8.46
2003/04	–	2.32	7.01	7.33
2004/05	–	2.14	5.57	3.94
2005/06	–	–	7.00	9.95
2006/07	–	5.76	10.80	5.25
7-year total (00/01–06/07)	–	19.60	55.38	45.38
Annual average	–	2.80	7.91	6.48
13-year total	23.00	30.55	87.52	n.a.
Annual average	3.83	2.35	6.73	n.a

Source: Australian Film Commission, from figures provided by each agency

Notes:
n.a. Not available
1. Comprises one-off allocations to Film Victoria, the NSW Film and Television Office, and the South Australian Film Corporation. Annual average is a six-year average.
2. Represents amounts drawn down by the Pacific Film and Television Commission from the Queensland Government to loan to filmmakers. The PFTC was able to draw down a maximum of $3.5 million in 1996/97 and a maximum of $15 million from 1997/98 onwards. Approval of drawdowns by Queensland Treasury is not automatic; it is subject to negotiation and is managed with the cash requirements of other Queensland Government agencies taken into consideration.