Screen Australia’s latest Drama Report indicates a significant 29% decrease in industry expenditure for 2023-24, totaling AUD 1.7 billion across 169 productions. This decline follows a peak period fueled by Australia’s appeal as a COVID-safe filming location. Key sectors, particularly free-to-air drama, saw substantial reductions, with an 18% drop in investment for Australian titles. Despite this, subscription TV platforms showed resilience. Concerns were raised about the impact of unregulated streaming services on local content. State-wise, New South Wales led production spending, while global economic factors contributed to the overall downturn, especially in international TV production.