The Palaszczuk Government is set to further invest in the Queensland racing industry over the next two year’s following this morning’s funding announcement.
Earlier today, Premier Annastacia Palaszczuk announced that $41.3 million would be returned to the industry over the next two years from Point of Consumption Tax receipts.
The new funding is in addition to the renewal of the Country Racing Program which provides $35.2 million over the next two years in prize money and infrastructure repairs and maintenance for non-TAB racing clubs.
“We’re investing in infrastructure to rebuild our economy and create jobs, including in racing. That’s what this is all about,” the Premier said.
“Supporting our racing industry to recover from the impact of the pandemic is an important part of our economic recovery plan.
“This industry supports thousands of jobs across the state. By investing a significant per centage of revenue back into the industry, we’ll create jobs and inject funds back into Queensland businesses.”
Racing Minister Grace Grace said today’s announcement includes a new funding formula that provides the racing industry with greater funding certainty.
“From July 1, the Palaszczuk Government will now give 35 per cent of that revenue back to the racing industry which equates to $41.3 million over the next two years,” she said.
“That means every time someone places a bet in Queensland, a guaranteed portion of that money will go back into improving tracks, upgrading facilities for racegoers, boosting prize money, supporting animal care and creating more jobs in and around racing.
“We’re investing in infrastructure to rebuild our economy and create jobs. That’s what this is all about.
“Supporting our racing industry to recover from the impact of the pandemic is an important part of our economic recovery plan.
“This industry supports thousands of jobs across the state. By investing a significant per centage of revenue back into the industry, we’ll create jobs and inject funds back into Queensland businesses.”
At the start of this year, RQ commenced rolling out its own $15.5 million Industry Investment Plan, which has helped deliver increased prize money and payments to jockeys and drivers, along with infrastructure grants and higher club payments.
Today’s funding announcement ensures that many of these programmes are able to continue, with items such as the training track subsidy scheme - and industry viability funding for greyhound and harness racing – due to expire on June 30.
Racing Queensland Chairman Steve Wilson AM said more than $40 million is to be injected into the industry over the next two years.
“The Palaszczuk Government continues to back the Queensland racing industry,” Mr Wilson said.
“Over the past two years, more than 1000 new full-time jobs have been created and we look forward to supporting many more through the delivery of new infrastructure, prize money and investment in our clubs.
“In order to do so, RQ will take a methodical and strategic approach to funding distribution, with a view to supporting the 40,000 participants across the state.
“We will make further announcements on our funding priorities in the coming weeks.”
Click here to read more about the Palaszczuk Government’s funding commitment to the Queensland racing industry.