Godzilla v Kong, a feature film by Legendary Entertainment and Reef Break, a 13 episode series by Disney ABC International Television, will kick off production this year.
The $16 million in funding is provided under the Location Incentive programme, which is designed to attract international feature films to Australia.
Prime Minister Morrison said he was thrilled the first two grants were awarded to such major projects on the Gold Coast.
"These projects will bring hundreds of jobs to the Gold Coast and further cement its reputation as one of the best places in the world to make movies," the Prime Minister said.
"I’ve visited some of the businesses that service the film industry on the Gold Coast and they are the best at what they do.
"We want to keep securing big projects like these ones, so local businesses can thrive and keep employing Australians."
Minister for Communications and the Arts, Senator Mitch Fifield said this support would bring investment of more than $100 million to the Australian economy.
"This is one of the ways the Government is boosting small business and creating the conditions for growth in the economy. These productions would not be investing in Australia without these grants. They will use the services of over 1,600 Australian businesses, as well as directly employing more than 1,300 Australians," Minister Fifield said.
"Our stunning landscape will encourage tourism and our talented industry will inspire other projects to film here.
Jay Ashenfelter, Creative Executive of Legendary Entertainment said Legendary Entertainment is thrilled to be returning to Australia with 'Godzilla vs Kong'.
"The incredible crews, facilities and locations Australia offers make for an ideal production location."
ABC Studios International is part of The Walt Disney Company that has brought the productions, "Pirates of the Caribbean: Dead Men Tell No Tales" and "Thor: Ragnarok" to Queensland.
"Having filmed the Harrow series in Brisbane, we appreciate the skills of the Australian crew and actors and look forward to showcasing Australia’s stunning locations to the world," said Keli Lee, Managing Director, International Content, Platform and Talent, ABC Studios International.
The Location Incentive is designed to complement the Australian Government’s existing Location Offset, providing an effective increase in the tax offset rate from 16.5 per cent to 30 per cent for eligible large budget international productions that film in Australia, and are successful through the application process.
