Arts Minister Simon Crean has announced that the Australian government is committing $20 million of Federal funds to games development in Australia over the next three years.
The Australian Interactive Games Fund is intended to help support and grow the burgeoning local development scene during a difficult period.
"Australian games studios are recognised internationally for their skill and originality in developing interactive games played all over the world, but the local industry is coming under increased pressure in the midst of a major market shift," said Crean, as reported by Gamespot.
"This is a substantial investment to foster this growing sector where artists, musicians, writers, performers, and software developers collaborate to meet the local and global demand for interactive entertainment and education."
$5 million will be available during the first two years of the program, a figure that doubles to $10 million in 2014-2015.
Specific details are scarce, but it's the responsibility of Screen Australia to help administer and distribute the funds. Hopefully we'll have more information soon.
Tony Reed, CEO of the Game Developers' Association of Australia was delighted with the news.
"We look forward to working with the federal government to create a program that supports growth and stability, secures jobs, encourages innovation and creativity, and promotes investment in Australian talent and capability globally," he said.