Streaming giants cut spending on Australian dramas by $47m ahead of incoming local content rules

Netflix has had success with Australian content such as its reboot of Heartbreak High, but the industry has rejected the idea of a quota for local content. Photograph: Elise Lockwood/Netflix

The amount spent on Australian dramas by streaming companies including Netflix, Foxtel and Disney+ has fallen by 11% or $47m ahead of the federal government’s promised introduction of local content obligations in the new year.

Labor has vowed to impose tougher rules on streamers to ensure Australian stories are told by the international platforms, but the legislation has been delayed until the new year.