The Australian games industry is starting to make a name for itself on the global stage, growing to $3.4 billion in revenue during the COVID-19 pandemic, and the federal government has noticed.
In an effort to bolster our homegrown game developers, the new Digital Economy Strategy—which aims to grow Australia into a leading digital player by 2030—includes new investment incentives to support business growth.
Under the 30% refundable Digital Games Tax Offset, Australian businesses will also be able to claim depreciation of intangible assets like intellectual property and in-house software.
Collarts Animation & VFX students on an excursion to Fortress, the largest e-sports arena in the Southern hemisphere.
As Australia's first federal tax incentive for video game development (and one of the most significant in the world), Interactive Games & Entertainment Association CEO Ron Curry said the strategy will trigger many positive developments for the sector.
"It will spur the creation of brand new Australian game development studios, give existing Australian studios the support they need to take on ambitious new projects and accelerate their growth, plus attract further blockbuster AAA studios to Australia, all of which will create game development jobs in every state," he explains.
"This new federal investment will underpin a new wave of Australian video game development, leading to even more amazing Australian-made games to take to the almost $250 billion global video games market."
Read the full announcement from the Prime Minister's office here.