The Queensland Authorities has introduced a big evaluate of the state’s racing trade, marking the most in depth analysis of its type in over 25 years. A newly launched dialogue paper seeks enter from trade members and stakeholders, aiming to form the course of racing in Queensland, Australia.
Main evaluate goals to safe the way forward for Queensland racing:
With an annual financial contribution exceeding $2.4 billion and offering employment for roughly 16,000 Queenslanders, the racing sector performs an important function within the state’s economic system. A big portion of this financial impression advantages regional communities, underscoring the trade’s significance past city facilities.
The evaluate will assess the long-term viability of the three major racing codes—Thoroughbred, Harness, and Greyhound Racing. Key areas of focus embrace sustaining integrity, guaranteeing sustainable funding, and enhancing infrastructure to help the trade’s future development. Moreover, the evaluate will emphasize excessive requirements of animal welfare whereas fostering stronger collaboration amongst stakeholders.
Queensland Minister for Sport and Racing Tim Mander burdened the significance of public enter in shaping the trade’s future.
“We dedicated to a evaluate into all facets of racing, and this dialogue paper is step one,” stated Mander. “The racing trade is a serious contributor to the state’s economic system, an necessary employer for a lot of hard-working Queenslanders, and is on the coronary heart of communities proper throughout Queensland.
“From our greatest cities to our smallest and most distant cities, racing brings our communities collectively.
“We wish to make sure the long-term monetary stability, viability, and integrity of racing within the state.
“I encourage all stakeholders and members to have their say and play an lively function on this course of to make sure a affluent future for the trade, for the members, for the workers and volunteers, and for the communities proper throughout the state who merely love racing.”
Matthew McGrath, who has been appointed as Chair of the Queensland Racing Overview, brings in depth expertise to the function. A former Chairman of the Australian Turf Membership and present board member of the Cronulla Sharks, McGrath emphasised the evaluate’s broad scope.
“The Racing Overview brings many parts collectively and can have a look at social, monetary, and employment impacts and the welfare of those that compete on the monitor and vitally for the horses and greyhounds,” McGrath acknowledged in a press launch revealed by Queensland Authorities (Minister for Sport and Racing and Minister for the Olympic and Paralympic Video games).
“The Overview Staff goals to be at as many racetracks as doable, assembly trade members, punters, racegoers, and the groups of people that handle and work within the Golf equipment.
“The suggestions will probably be pragmatic and progressive to make sure the perfect future for Queensland racing.”
Business funding and taxation issues:
The evaluate additionally seeks to deal with monetary challenges inside the racing sector, together with issues about taxation insurance policies and their impression on wagering income.
Accountable Wagering Australia (RWA) has welcomed the evaluate, viewing it as a chance to look at taxation constructions and the sustainability of trade funding.
RWA CEO Kai Cantwell pointed to previous coverage adjustments which have influenced racing’s monetary panorama. “Regardless of the previous Queensland Authorities rising the POCT to twenty% in 2022 with an 80% passthrough charge to racing, the Authorities is now revisiting the trade’s funding and sustainability – highlighting the unintended penalties of over-taxation and regulation,” Cantwell stated.
The present mannequin allocates 80% of income from Queensland’s Level of Consumption Tax (POCT) to the racing trade. Nonetheless, a decline in wagering exercise immediately impacts obtainable funds for prize cash, infrastructure growth, and help for trade members.
RWA has additionally raised issues about taxation insurance policies in different jurisdictions, citing the Australian Capital Territory’s determination to extend its POCT from 20% to 25% in 2023. In line with Cantwell, this measure was launched with out trade session and finally resulted in a decline in general tax income.
Past taxation, RWA has warned that extreme regulatory stress might drive extra bettors towards offshore playing platforms. The group has estimated that, if left unregulated, offshore betting markets might contribute to an financial lack of as much as $3 billion in Australia by 2027.
Cantwell acknowledged the Queensland Authorities’s willingness to seek the advice of trade representatives as a part of the evaluate. “We thank the Queensland Authorities for taking time to seek the advice of with trade as a part of the evaluate and stay up for working collectively to discover a method ahead that’s good for racing and good for Queensland,” he stated.
The Queensland Racing Overview dialogue paper is open for public enter till March 30, 2025. Stakeholders, together with racing golf equipment, trade employees, and members of the general public, are inspired to supply suggestions. The suggestions generated by means of this course of will assist form insurance policies geared toward guaranteeing a sustainable future for the racing trade in Queensland.
