- Racing a prize-winner for the regional economy, worth almost $60 million
- More jobs and new infrastructure delivered
- Racing's value to Queensland doubles to $2.4 billion under Labor.
The Queensland racing industry's annual contribution to the Far North Queensland economy has reached close to $60 million in 2022-23.
Racing Queensland has released its latest independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – which demonstrates racing contributed a record $2.4 billion towards the state's economy in 2022-23, representing a 100% increase since Labor came to office in 2015.
Almost 250 extra full-time jobs were generated in racing in 2022-23, with the industry now responsible for 15,839 full-time equivalent jobs across Queensland – an increase of 66% since 2015.
While the latest figures show the overall economic contribution of Queensland racing under Labor has doubled, it also shows that remarkable growth continues to be shared across all three codes of racing:
- Thoroughbreds – rose from $959 million to $1.8 billion (+90% since 2015-16)
- Greyhounds – rose from $113 million to $344 million (+204% since 2015-16)
- Harness – rose from $142 million to $232 million (+64% since 2015-16)
In Far North Queensland, which takes in eight clubs from Mareeba to Innisfail and Mt Garnet, the industry was responsible for generating $58.6 million in value added contribution to the local economy in 2022-23, which represents a 110% increase since 2015.
The industry has more than 1,900 participants involved in Far North Queensland and supports over 450 full-time jobs in the region (+100% since 2015-16).
Important infrastructure projects, large and small, have also been supported in the region and are helping set local racing clubs up for future success including a $2.5 million state-of-the art events centre overlooking the course and mounting yard at Cannon Park, with seating for up to 300 patrons.
Infrastructure upgrades to the region's country clubs have also been delivered including a $50,000 uplift for the jockey rooms at Laura Amateur Turf Club and a refurbishment of Mt Garnet Amateur Turf Club starting gates worth $30,000.
Quotes As put by Racing Minister Grace Grace:
"The economic value that racing in Queensland delivers has now doubled since 2015 under the current Labor Government.
"With close to 40 race meetings staged in Far North Queensland each year, and close to 2,000 participants driving the local industry, racing is absolutely thriving.
"This includes our eight clubs in the North, which hosts iconic events as a part of the Northern Queensland Racing Carnival including the Cairns Amateurs and Cairns Cup each year.
"With more than 450 full-time jobs in the region, those are salaries and wages that directly benefit the Far North Queensland economy.
"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."
Quotes As put by Speaker and Member for Mulgrave Hon Curtis Pitt:
"The FNQ horse racing calendar continues its tradition of being the major racing drawcard in both our regional and smaller communities, with social gatherings, fashions in the field and homegrown jockeys and horses dominating the many annual track events enjoyed by both locals and visitors alike to our region.
"Our very own country-style racing events, such as the annual Gordonvale Cup which celebrates its 108th anniversary later this year, the historic Innisfail Race Club which formed in 1888 and plays host to the uniquely-named Banana Cup Race Day, along with the Mt Garnet Races and Rodeo Weekend over 3 days every May, are just some of the popular and much-loved local racing events which continue to flourish, adding vibrancy and life to local communities.
As stated by Member for Cook Cynthia Lui,:
"Country racing is so important to our towns in the Far North.
"As well as the jobs and economic benefits of the racing industry, our turf clubs bring the community together and attract tourists and visitors on race days and carnivals."
As stated by RQ Chair Steve Wilson AM:
"The IER data once again highlights how wide-ranging and impactful the racing industry's size and scale is across Queensland.
"Importantly, the continued rise in value added contribution remains consistent in rural Queensland, with more than half directly benefiting regional economies."
"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."
Click here to see key economic changes from FY16 to FY23.
Click here to see a full copy of Far North Queensland's 2022/23 Size and Scope Report.
Click here to see a full copy of the 2022/23 Queensland Racing Industry Size and Scope Report.
