The next instalment of the Thor franchise will be filmed in Sydney thanks to the Federal Government's $24.1 million Location Incentive grant and support from the New South Wales government.
Titled Thor: Love and Thunder the movie will begin filming in August 2020 with production beginning in March next year.
The film is anticipated to create up to 2,500 jobs and use the services of 1,650 Australian businesses. It is estimated to inject over $178 million into the economy.
Alongside the film production, Marvel Studios will offer a trainee program to enhance the skills of the next generation of Australia's screen talent.
The program will work with students at the Australian Film, Television and Radio School, the National Institute of Dramatic Arts as well as tertiary institutions to improve knowledge and skills while also targeting skill shortages.
The Walt Disney Company Australia & New Zealand senior VP and MD, Kylie Watson-Wheeler posted to LinkedIn celebrating the announcement.
"Yesterday we proudly announced that Thor: Love and Thunder will be filmed at our Studios in Sydney.
"The production of this film will follow Marvel’s Shang-Chi and the Legend of the 10 rings that will be filmed first at the same location.
"It’s important to The Walt Disney Company here in Australia to develop a deep connection with the local market.
"We couldn’t be more proud of our company’s ongoing commitment to this market," she said.
The announcement follows the news that Disney has also set up a new studio for its visual effects company Industrial Light & Magic (ILM) in Syndey. This location is only the third outside of North America for the post, digital and visual (PDV) effects business.
Following its opening, the Sydney ILM studio began work immediately on PDV effects for Star Wars: The Rise of Skywalker.