The Turnbull Government will maintain the current level of base funding for the ABC and SBS over the next three years.

From Communications Minister Mitch Fifield’s office came the following statement:

The Turnbull Government’s maintenance of base funding for the ABC and SBS over the next three years will be worth $3.1 billion and $814.2 million respectively.
 
This continuation of base funding recognises that the broadcasters have achieved a range of efficiencies following the findings of the ABC and SBS Efficiency Study and the Transmission Options Project, which identified savings in back office and transmission costs.
 
The ABC and SBS will also be provided with an additional $49.7 million over three years to support local news, current affairs and multicultural services:
 

• The ABC will receive an additional $41.4 million over three years towards local news and current affairs services, particularly those located outside the capital cities, and to continue to deliver news content across its digital and mobile platforms. Former ABC managing director Mark Scott had hoped for more. He was seeking to secure a renewal of a $20 million per year grant – first introduced under Labor in 2013-14 – for more local news services and extra current affairs output. That figure has been reduced to $13.5m for 2016-17, rising to $14.1m for 2018-19, which totals to the $41.1 million announced in the budget.

• SBS will receive an additional $8.3 million over three years to ensure it is able to continue its commitment to multilingual, multicultural and Indigenous media services.

In addition, SBS will receive $6.9 million in 2016-17 to replace revenue the corporation has been unable to raise after legislation that would have provided advertising flexibility failed to pass the Senate.

See details at:
ABC portfolio statement
SBS portfolio statement

Top line headlines for other media related agencies:

AFTRS cut by about $700,000 and expected to raise $2 more of its own revenue.
National Film & Sound Archive cut by about $1 million.
The ACMA is expecting to receive $48 million less in licence fees