The two multi-million dollar projects were due to film at SAFC's Adelaide Studios in the first quarter of 2012
The Babadook producer Kristina Ceyton is teaming with US producer Russell Ackerman to make Cargo, a post-Apocalyptic thriller adapted from a 2013 Tropfest finalist.
The producers of psychological horror film The Babadook have achieved their goal of raising $30,000 from the public through crowdfunding with just hours to spare before the offer closed
In the US Jennifer Kent's The Babadook has raked in more than $US950,000 at cinemas and been viewed online, legally, more than 360,000 times.
The SAFC has announced $610,000 in investment
While AACTA's Byron Kennedy Award is typically given to an individual or organisation who demonstrates "outstanding creative enterprise", this year the award will go to a film.
Jennifer Kent's The Babadook has made more money in its first five days in France than its entire Australian season on limited screens.
After tying for best film with The Water Diviner at the AACTA Awards, Jennifer Kent's The Babadook has won the major prizes at the Australian Film Critics Association annual film and writing awards.