Australian TV productions near $300 million

The value of local productions in Australia has skyrocketed to following a series of tax rebates for producers and a boom in audience demand.

Screen Australia's National Production Survey also shows that 646 hours of Australian productions and coproductions spent US$277 million, the highest in eight years and up from US$231 million last year.

This follows the success of Underbelly, which has buoyed the Australian drama market.

It also accounts for the first full year that the producer offset, which gives producers a healthy tax incentive, was in effect.