The $140 million federal budget sweetener will effectively double the existing rebate offered for films to 30 per cent.
"Many, many producers want to make films in Australia because they love our talent, they love our people," Communications Minister Mitch Fifield told reporters on the Gold Coast on Friday.
"What this does is it gives them the excuse, and the reason, to do just that."
Foreign Minister Julie Bishop believes Australia needs the added incentive to remain competitive in the ultra-competitive world of international film and television production.
Ms Bishop is confident the cash injection will guarantee a pipeline of work for studios, which often lay empty.
"I'm delighted that this will mean more jobs for talented, skilled Australians," Ms Bishop told reporters.
"Whether it's in acting, producing, directing, set design, animation, cinematography, make-up, hair-styling - all the components that make up a brilliant film production here in Australia."
These are the flicks we have to look forward to:
DEADPOOL 2, May 18, 2018
Ryan Reynolds returns as Marvel character and zero-filter mercenary Deadpool in the R-rated sequel to the 2016 blockbuster. It will follow the assassin — otherwise known as Wade Wilson — battling a time traveller and assembling a crew of mutants he calls X-Force, an offshoot of the X-Men.
ANT-MAN AND THE WASP, July 2, 2018
Paul Rudd returns as Ant-Man post Captain America: Civil War, now under house arrest. He joins forces with the Wasp on a pressing new mission to uncover secrets from the past. However the film is set before Infinity War, so there'll be no clues to help fans make sense of that ending.
VENOM, October 5, 2018
Another Marvel blockbuster, Venom will star Oscar nominated actor Tom Hardy in this hugely anticipated Spider-Man spin-off. But the plot line has been kept massively under wraps.
AQUAMAN, December 21, 2018
After his debut in Justice League, Arthur Curry, played by Jason Momoa, gets his own story which will follow 'Aquaman' rising from a rough childhood to become king of Atlantis. The movie was largely filmed in Queensland, Australia.
HELLBOY, January 11, 2019
Based on the Dark Horse Comics character, Hellboy is a reboot to the original film series released in 2004. The supernatural superhero film will follow the 'powerful demon' as he squares off against a medieval sorceress seeking to destroy the planet.
GLASS, January 18, 2019
The highly anticipated sequel to both Unbreakable and Split will see Bruce Willis and Samuel L. Jackson reunite. Willis plays an ordinary security guard with superhuman strength and Jackson is a mass murderer.
DARK PHOENIX, February 14, 2019
Fans have been holding out for this film, which sees the beginning of a new trilogy with the intention to be the twelfth instalment in the X-Men series. The Marvel film will star James McAvoy, Michael Fassbender, Jennifer Lawrence, and Sophie Turner.
CAPTAIN MARVEL, March 8, 2019
The first of Marvel's MCU film's that is focused on a female superhero, Brie Larson is set to star as Carol Danvers (Captain Marvel — who becomes one of the universe's most powerful heroes when earth gets tangled in a galactic war between two alien races.
SHAZAM! April 5, 2019
Based on the DC Comics character of the same name, Shazam! follows teenage boy Billy Batson (played by Asher Angel) who can transform into an adult superhero by saying one magic word.
AVENGERS: INFINITY WAR SEQUEL (UNTITLED), May 3, 2019
We've got a long time to wait for this cliffhanger to be resolved. The already hotly anticipated sequel to Avengers: Infinity War was shot directly afterwards, with filming wrapping in January this year. The fourth Avengers film has been kept top secret.
THE NEW MUTANTS, August 2, 2019
In a more horror focused take on superhero films, The New Mutants will follow a group of mutants held in a secret facility. Anya Taylor-Joy, Maisie Williams, and Charlie Heaton star.
THE CROW REBORN, October 11, 2019
This movie has been a decade in the making. Filming is expected to start any day now with Jason Momoa set to star. Based on the 1989 comic by James O'Barr, the plot sees Eric Draven (Momoa) brought back to life by a mystical crow after he is murdered.
WONDER WOMAN 2, November 1, 2019
Warner Bros Pictures struck gold with the first Wonder Woman movie released last year, starring Gal Gadot, with pre-production for the sequel currently underway. The plot is not well known, but Wonder Woman will square off against a villain dubbed 'Cheetah'.
SPIDER-MAN: HOMECOMING SEQUEL (UNTITLED) 2019
Not much is known of this sequel but Jon Watts is set to return as director and the film will be set after the untitled Infinity War sequel. Filming will begin later this year.
GUARDIANS OF THE GALAXY VOL. 3 in 2020
A fan favourite, writer and director James Gunn himself recently confirmed Guardians 3 would be made. No decisions have been made but it is expected Chris Pratt and the team will return, with the story events to be set post Infinity War sequel.
