Unlike the streamers, which are not yet regulated despite Labor’s commitment to do so, or the public broadcasters, the commercial networks are required to spend on Australian drama and documentaries. But as the ACMA figures demonstrate, their business model leans elsewhere.

Sport accounted for the biggest chunk of program expenditure ($635 million), followed by light entertainment ($557 million) and news and current affairs ($377 million). Overseas drama, at $211 million, cost more than four times what was spent on Australian drama.

Matthew Deaner, chief executive of Screen Producers Australia, said the numbers point to a regulatory flaw in the market which puts local content at risk despite the growth of streaming.

“These figures continue a pattern we’ve warned about for years,” Deaner said. “Both adult and kids’ drama remain at unsustainably low levels. We cannot expect Australian stories to thrive without real structural change.”

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The networks no longer need to commission children’s content, though they can choose to do so. Though low, the most recent result is up on the zero dollars spent the prior year.

“This is not just concerning – it’s predictive,” Deaner said. “This is what happens when regulation is dismantled and nothing replaces it.

“It’s time to regulate all streaming services and reinvest in our national broadcasters. That’s the only way to restore balance in a market that’s now skewed almost entirely toward live sport and low-cost formats.”