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Streaming services will be forced to spend money on local shows and movies in Australia under a new proposal by the federal government.

Giants such as Netflix, Disney, and Amazon will have to spend a portion of their revenue on making Australian content.

“I want to get back to the days when you’re in your own home, you can see your own stories, from your own country,” Arts Minister Tony Burke said.

Netflix shed almost 1 million subscribers during the spring amid tougher competition and soaring inflation that's squeezing household budgets, heightening the urgency behind the video streaming service's effort to launch a cheaper option with commercial interruptions.
Streaming services will have to dedicate a portion of their budget to making Australian content under an upcoming agreement with the federal government. (Getty)

“The percentages of what we’re seeing with Australian content are way down on what was traditionally expected on free-to-air.”

The government will consult with streaming services in the months ahead, aiming to debut the new rules next July.

Screen Producers Australia CEO Matthew Deaner said it was “probably the most significant change we’ll see to our industry in a lifetime”.

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The Australian screen industry wants the quota set at 20 per cent.

“The question will always be making sure that’s invested back into a type of Australian story that benefits the nation, and in a way that benefits us,” Deaner said.

It’s part of the government’s new National Cultural Policy, with almost $300 million in new measures set to be unveiled tomorrow.

Nine, the publisher of this website, also owns Australian streaming service Stan.

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