Just found this via twitter: http://prototype.breakmedia.com/
Basically 8 films get $20000 USD to get produced, then the winner of those gets a feature writing/directing deal with New Regency.
All you need to submit is a 5-10 page script (action, sci-fi or effects driven), a treatment for the feature version of the same script, and a link to previous work.
Deadline is 31st of August, so there's plenty of time.
Rialto 48 Hours 2014 - Siren's Call (Time Travel)
Rialto 48 Hours 2013 - 17:09 (Techno Thriller) - Best Makeup (Auckland), Finalist Best Makeup (National)
V48 2012 - Finger Bang (Action) - Best Script (Auckland), Finalist Best Script (National)
V48 2011 - Best Foot Forward (Rom Com)
V48 2010 - Love Game (Sports)
V48 2009 - Little Death (Musical)
V48 2008 - Misconceptions (Romance)
V48 2007 - Grind World (Grindhouse)
V48 2006 - Monster Within (Monster)