The Racing Safety Development Fund is now open for applications until the end of March.
"While the Government is in the process of implementing changes to revitalise the racing industry, health and safety will always be of the upmost importance.
"This fund allows racecourses the opportunity to improve health and safety activities to ensure animals, staff and spectators can enjoy and reap the benefits of this industry," Grant Robertson said.
All racing clubs and racing code bodies should consider the condition and standard of their facilities and equipment, and assess whether they are safe for animals, staff and customers.
The fund covers up to half the costs of a project with between $7,500 - $50,000 funding being available for each project.
Past projects have included improvements for safety running rails, irrigation and drainage, lighting upgrades, and grandstand repair.
