Queensland continues to race ahead

The Queensland racing industry’s impact on the state’s economy now exceeds $2.4 billion per annum.

Over the past 12 months, racing’s contribution to the Sunshine State has continued to boom, with independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – demonstrating an increase of close to $200 million from FY22 to FY23.

During the same period, a further 246 full-time jobs were generated, with the Queensland racing industry now responsible for 15,839 full-time employees across the state.

The latest data highlights racing’s rising impact on the state’s economy, having now grown from $1.2 billion in FY16 to $2.4 billion, while full-time jobs have risen from 9,546 to 15,839 (+66%).

Racing Minister Grace Grace said the industry has maintained its status as a vital contributor for both economic contribution and employment across the state.

“The economic value of racing in Queensland has now doubled under the current Labor Government since 2015," Minister Grace said.

“This incredible result has only been possible thanks to the important reforms this government delivered around integrity, animal welfare and financial sustainability, as well as building new infrastructure that has given the industry confidence to grow for future success.

“With around 30 race meetings staged in Queensland every single week, and almost 50,000 participants driving the industry, racing is absolutely thriving in the Sunshine State.

“Racing has a bright future under the Miles Government, with a pipeline of major infrastructure projects nearing completion, supported by 80 percent of betting tax revenue being reinvested back into the industry.”

Since FY22, the three codes of racing have all enjoyed strong economic growth:

• Thoroughbreds – rises from $1.7 billion to $1.9 billion (+7%);
• Greyhounds – rises from $301 million to $344 million (+14%); and
• Harness – rises from $216 million to $232 million (+7%).

Participant numbers have remained steady with 49,766 people presently involved in the Queensland racing industry.

Click here to see key economic changes from FY16 to FY23.

RQ Chair Steve Wilson AM said the strong economic and employment figures highlighted the significant role the industry plays in the Sunshine State.

“The IER data once again highlights how wide-ranging and impactful the racing industry’s size and scale is across Queensland,” Mr Wilson said.

“Our unrelenting focus on returning payments to participants including prize money - along with strategic infrastructure - has provided confidence in the industry, and in return, strong economic growth and employment figures.

“Importantly, the continued rise in value added contribution remains consistent in rural Queensland, with more than half directly benefiting regional economies.”

Click here to see a full copy of the 2022/23 Size and Scope Report.