The Green Lantern's
Ring won't be plonking down on Australian soil after oil.
Due to the falling U.S dollar, Warner Bros Pictures has been forced to pull the superhero project out of Australia. The studio said that "the current global economic situation, including fluctuations in currency valuation and overall costs," forced the DC comics
' hero to find a new pad. "We have also had to reassess film projects in other countries as well".
On Friday, the Australian dollar hit a 27-year high against the U.S. dollar, closing at 95 cents, a 30% decrease in value for the greenback since the shoot was announced six months ago, and which would reportedly add over $20 million in cost to the production.
The Aussie dollar is being tipped by analysts to reach parity with the U.S. dollar in the coming weeks and could go as high as AUS$1.10 next year.
"After working closely with our partners at the NSW Film and Television Office (Screen NSW) and examining every scenario, we have decided to move the production of 'Green Lantern.' We are extremely grateful for the assistance we have received from the NSW Government, Fox Studios
and the NSW filmmaking community," the statement said.
Prime Minister Kevin Rudd told
The Australian that he rising dollar would make life more difficult for exporters, but said it was a reflection of the relatively healthy economy.
"This is the fastest-growing economy of all the developed economies. Secondly, it's the only one to have avoided recession. Thirdly, at the second-lowest unemployment among the major advanced economies, we're the lowest debt, the lowest deficit''.
Industry sources here suggest "Green Lantern" will move to Mexico or Canada.
The pic, set to star Ryan Reynolds and to be directed by Martin Campbell
, was to shoot in Australia in November.
Walden Media's "Voyage of the Dawn Treader" is the only big budget offshore feature being shot in Australia at present.
