Jobs in Queensland’s racing are set to receive more support with Racing Queensland set to raise prize money across Thoroughbred, Greyhound, and Harness racing and increase funding for critical assets.
Racing Minister Grace Grace today released Racing Queensland’s Investment Growth Plan, which outlines the investment of $28.9 million in funding over the next two years, made possible through the Palaszczuk Government’s Budget commitment of an anticipated $41.3 million to Queensland racing through the Point of Consumption Tax (POCT).
“The Investment Plan will benefit almost 40,000 Queensland participants,” the Minister said.
“It will be delivered through increased prize money from 1 September 2021, along with infrastructure grants and improved club funding and allow us to support more jobs as part of Queensland’s plan for economic recovery from COVID-19.
An increase of $4 million in grassroots thoroughbred racing will see a rise of $2,000 for every maiden race at TAB meetings and a rise in minimum prize money to $8,500 for all non-TAB races. There is also an increase of $1.7 million in grassroots Greyhound prize money and nearly $1 million for Harness racing.
The Plan also supports the infrastructure requirements of the industry, with $5 million across the next two years going towards replacing critical racing assets and a more than $3 million per annum increase for club operations.
Racing Queensland Chairman Steve Wilson AM said the multi-million dollar investment supported the organisation’s strategic objective to ensure a more sustainable future for the industry.
“It is important that we provide all participants with the confidence to continue to work and invest within the Queensland racing industry,” he said.
“As a result, we are providing strategic funding for our three codes, with a strong emphasis on commercial competitiveness at the grass roots and making Queensland attractive for all participants.
“We continue to drive our substantial industry to grow across the whole state to our goal of connecting Queenslanders through great racing and events. Prior to COVID, racing was the number one community event in 62 towns and cities across the Sunshine State.”
Racing Queensland CEO Brendan Parnell said the investments were being staged across two financial years, having experienced revenue pressures due to the conclusion of the Queensland TAB minimum payment guarantee last December.
“We want to give Queensland participants the confidence to invest longer term in our racing and breeding industries as we strive to be more competitive with other jurisdictions,” he said.
Racing Queensland Investment Growth Plan 2021 can be found at: https://www.racingqueensland.com.au/RacingQueensland/media/Industry/RQIGPTable.pdf