Media Super has invested $60 million into local film and television production, doubling its previous allocation of $30 million.
This move continues a growing trend among super funds to seek to invest in industries aligned with their membership: NGS Super has been exploring funding preschools; Cbus has been looking into affordable housing; and HESTA has been assessing the viability of health and aged care.
Through its partner Fulcrum Media Finance, Media Super provides a revolving loan fund for Australian film and TV and has supplied $70 million to help finance a range of domestic film and TV productions since its inception in 2010.
Media Super’s chief executive, Graeme Russell, said this has earned members 7.1 per cent per annum, giving the fund confidence in doubling the size of “this unique finance model”.
“This is a productive investment; it adds depth to the existing pool of finance available to support local productions and complements the funds available from other institutional and private investors,” he said.
He added this revolving fund helps to develop one of the super fund’s core industries with the provision of debt finance during the key production stage.
“Many of our members and participating employers work in film and television and a productive investment like this supports their work,” he said.
“Both the Media, Entertainment & Arts Alliance and Screen Producers Australia support the fund’s involvement in this type of alternative investment, which is unique to Media Super.”
Fulcrum Media Finance executive director Sharon Menzies said when the facility was launched in 2010 they predicted that it would substantially boost activity in the industry and consolidate the long-term viability of Australian film and television.
New productions in the pipeline include season 4 of Rake, starring Richard Roxburgh; Berlin Syndrome, directed by Cate Shortland and starring Teresa Palmer; and Jasper Jones, starring Toni Collette and Hugo Weaving in the adaptation of Craig Silvey’s award-winning novel.