Thank you for the question.
We think there's an incredible opportunity here to incent private investment in a sector that one would have to acknowledge is high risk and high cost. It's not to say that the rewards aren't also great.
The Canadian industry is booming. Vancouver and Toronto are among the top five production centres in North America for film and television. There's a robust workforce and it's highly skilled. This is a sector that public policy decisions have built, but it cannot move forward and get the scale necessary without significant private investment.
We think we can do that by taking a page from the book of this government and previous governments that encouraged private sector investment in oil and gas with the flow-through share arrangement. That allows organizations and businesses that are working in very high-risk circumstances, where success is hit-related, to pass on initial losses as a benefit to investors. It has an enormous impact on incenting private sector investment.
When this was introduced in 2001 with oil and gas, in one year investment in oil and gas exploration in Canada surpassed Australia's as the leading domestic exploration budget in the world. So it is plainly something that works and encourages private sector investment. It would work as well in the audiovisual industry.