Following the release of yesterdays Mid-Year Economic and Fiscal Outlook, $52.5 million dollars worth of cuts have been made to the Communications & Arts areas. The Thor and Alien sequels which are to be made in Australia will pick up $47 million of redirected cuts. These are good times for major Hollywood studios with the U.S dollar currently worth around $1.39 AUD. If interest rates in the U.S climb on Thursday as predicted Australia could become a honey pot for international productions in the coming years.