High Australian dollar has wide-ranging impacts – e.g. on CSR & local production of foreign films

The high Australian dollar has been linked to job losses at CSR, according to an AAP report (CSR blames cuts and plant closure on currency). There is no doubt the high Australian dollar is having profound impacts on a number of sectors. Another example is the Australian film industry, which I’ve been researching recently for a paper I’m writing. After recently reading an excellent 2012 Drum piece by Greg Jericho (Wolverine and a blockbuster case of tax secrecy), I decided to investigate the relationship between the value of the Australian dollar and the number of foreign films (i.e. films under foreign creative control) made locally. Clearly foreign productions such as Scooby-Doo and House of Wax were attracted by our low dollar in the early 2000s and in recent years we have been a less attractive location, as shown in this chart based on Screen Australia data:

foreign

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