Racing Queensland has announced that a 1% insurance levy will be placed on thoroughbred prize money for all TAB races from January 1, 2024.
The levy will be introduced on an 18-month trial and is designed to provide the following benefits for all Queensland thoroughbred trainers. They are:
- Subsidise up to 30% of annual WorkCover premium costs, noting the first period of cover is for six months (January - June 2024);
- Support the funding of Professional Indemnity (PI) and Public Liability (PL) insurance currently funded by RQ and applicable to all trainers in Queensland;
- Encourage and monitor the uptake of WorkCover policies;
- Support the funding of WHS enhancements and training to reduce the likelihood of incidents and creating a safer Queensland racing industry; and
- Centralise the management of WorkCover, encouraging support for recovery and return to work.
The funds generated through the insurance levy will be used to fund a range of insurance and safety initiatives.
Trainers will be required to provide WorkCover certificates to RQ between July 1 and August 31, 2024, and will receive a refund from RQ by October 31, 2024, for the prior six-month period.
In calculating subsidies, RQ will use the early payment discount rate as the premium amount for calculating reimbursements.
Any penalties or fines due to previous late payments or non-compliant activities will not be included for reimbursement. This amount is based on six months of the premium year being subsidised as a result of the levy commencing January 1, 2024.
Trainers included in the program will need to report all WorkCover incidents to a designated assessor at WorkCover for continued inclusion in the program.
Following the 18-month trial, the levy will reviewed with KPIs closely monitored.