- Economic impact of racing hits record $2.4 billion in 2022-23
- Queensland racing industry doubles in value under Labor
- 50,000 people a year now involved in the industry statewide
Queensland's racing industry 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.
Racing Queensland has released its latest independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – which demonstrates an increase of close to $200 million (9%) in 2022-23 over the previous financial year.
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.
Participant numbers remained steady with almost 50,000 people involved in the Queensland racing industry.
While the latest figures show the overall economic contribution of Queensland racing under Labor has doubled, from $1.2 billion in 2015-16 to $2.4 billion in 2022-23, 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)
As published in its FY23 Annual Report, Racing Queensland increased its payments to participants last financial year to a record-high $370.4 million (+113% since 2015-16), with prize money reaching $243.7 million (+83% since 2015-16).
As stated by Racing Minister Grace Grace:
"The economic value of racing in Queensland has now doubled under the current Labor Government since 2015."
"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."
"Had the LNP succeeded in blocking our nation-leading integrity and animal welfare reforms in 2016 the industry would have much less to celebrate now."
"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."
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," 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."
