Johnny Depp is all set to reprise his role as Captain Jack Sparrow in the upcoming 'Pirates of the Caribbean 5' film, which is scheduled for a July 7, 2017 release.

In fact, the Australian Federal Government has consented to provide a financial incentive worth AUS$21.6 million (approximately $20.2 million USD) with a view to ensure that the filming of the fifth sequel of the 'Pirates of the Caribbean' is done on Australian shores.

Earlier, Disney and the Australian government made an agreement about the funding another movie, '20,000 Leagues Under the Sea', but the film project was shelved when director David Fincher abandoned the movie. A report by The Hollywood Reporter says that the allocated funds would now be diverted to support the filming of the new Johnny Depp movie.

Commenting on the issue the Australian Federal Arts Minister said, "The government is pleased to agree to Disney's request to enable earlier funding to be re-purposed for the production of Pirates of the Caribbean 5. Any decision to film productions in Australia is a commercial matter for Disney."

According to ABC Brisbane, if Disney chooses to make the film in Australia only, then the production of the film would generate a possible 3,000 jobs for the people down under. In fact, if this goes through, the project will be the largest film production Australia has ever seen.

On the other hand, The Queensland Times said it is expected that several maritime scenes for the 'Pirates of the Caribbean 5' will be filmed in some locations in Far North Queensland as well as at the special tanks of Village Roadshow Studios, located on the Gold Coast.

The fifth addition to the franchise, entitled 'Pirates of the Caribbean: Dead Men Tell No Tales' will see Johnny Depp returning as Captain Jack Sparrow, while Geoffrey Rush will play the role of Captain Hector Barbossa. There are rumors that Christoph Waltz will portray the main antagonist in the upcoming film, which will be directed by Joachim Ronning and Espen Sandberg.