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I haven't seen it for a while so can't recall all its ins and outs, but I remember enjoying it. Took a while for me to understand what was actually going on lol. But it was good. Better than the others in the original trilogy, plus Mel Gibson is my favourite actor, so I'm slightly biased.
And I think the low budget is because this was one of those films that was shown before another main film when it was released, so it kinda' wasn't a proper film so to speak, but a warm up one. At least that's what my Mum told me when I watched it years ago lol.