A previous government inquiry into the Australian film and television industry recommended reworking the current legislation to force subscription video-on-demand services (SVODs) to "invest a percentage of the revenues they earn in Australia, for example 10 per cent, in new Australian content".

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More than one and a half years later, the government has still not flagged whether or not it is willing to implement local content quotas for streaming services. Stuart Menzies, the producer for critically-acclaimed ABC drama The Cry, said it is "utterly incomprehensible" as to why the government has not yet released the screen content review.

"In the absence of it being released, you have to go, 'What's not in the government's interest?'" he said. "We've always wanted to be able to see and hear our own voices on whatever screens are the flavour of the day. With the rise of SVODs... clearly they must be regulated as with everyone else. It's clearly how people consume television.

"Netflix arrived in Australia five years ago. Regulation has to keep up when the industry changes. If you're in a regulated sector [like traditional broadcasters], you'd sit there and say, 'Well, we're not on a level playing field.' And they're right."

Beth Fray, a producer for programs for children and teenagers such as Nowhere Boys, agrees.

"We all want certainty," she said. "It's so critical and important. There is an amazing wealth of talent here. But it's being drained going overseas to find work. We now make eight-hour series versus 22 hours of drama. It's been eroded over a number of years.

"There aren't a lot of opportunities for new talent in directing ... or broadcasters taking a risk on new directors. There were a lot more opportunities when I started in the industry. The whole production industry has changed."

Nathan Mayfield, who produced Netflix's first Australian series Tidelands, said the government has an opportunity to create a sustainable industry that puts local voices on the world stage.

"There is a great appetite for Australian content," he said. "That matched with a low Australian dollar is very appealing for distributors and international broadcasters."

Netflix has previously argued that quotas lead to cheap, low-quality shows and the success of its shows globally prove its current formula works.

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"You guys keep making great content so we're going to keep buying it," Lauren Smith, Netflix's director of acquisitions for the Asia-Pacific region, told a 2018 gathering of film and television producers. "No one told us we had to buy any of this. We've done it because it's fantastic content that we think is going to bring joy here and around the world."

The European Union is working towards implementing a model that would see Netflix ensure at least 30 per cent of its catalogue is European (within member states). However, a final model has yet to be finalised.

Should Australia adopt the proposed 10 per cent local content quota for streaming services, companies such as Netflix would have to produce far more local productions. So far, Netflix's Australian content is restricted to Tidelands, Chris Lilley's latest comedy series Lunatics and Hannah Gadsby's Nanette.

However, it is difficult to measure how much new content would be made given Netflix, for example, does not disclose its revenue by country. It is only possible to make educated guesses.

According to pollster Roy Morgan, Netflix has around 11 million local users. With the average Australian household consisting of about two people, it can be estimated that Netflix's annual revenue from Australia hovers near the $660 million mark (based off a $10 monthly subscription per account holder).

A 10 per cent local content quota would then force Netflix to pour an estimated $66 million or so into local content every year. An Australian drama generally costs around $1.4 million to make per hour of television, resulting in potentially five or six local dramas annually.

Netflix's Australian rival Stan, which is also owned by Nine, has more than 1.5 million subscribers paying about $10 a month. A 10 per cent local content quota would result in Stan funding an estimated two Australian dramas every year (slightly more than its current output with shows such as Wolf Creek, Bloom and the recently announced The Commons).

A spokesman for Communications Minister Paul Fletcher would not be drawn on when or if the government intends to publicly release the Australian and Children's Screen Content Review.

"The Liberal-National government supports the production and availability of Australian screen content through a range of mechanisms," he said in a statement.

"The government will continue to explore options to provide Australian audiences with ongoing access to stories that reflect a sense of Australian identity, character and cultural diversity on a wide range of platforms, including SVOD services."