The Palaszczuk Government will expand its commitment to racing with new funding to deliver infrastructure, jobs and inject millions of dollars into the state's economy.
Premier Annastacia Palaszczuk today announced that in next week's State Budget, the government would deliver 35 per cent of revenue from the state's Point of Consumption Tax back into racing – an important part of Queensland's COVID-19 economic recovery plan.
The Premier said this major decision would deliver $41.3 million for the Queensland racing industry over the next two years.
"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."
Treasurer and Minister for Investment Cameron Dick said the funding model that guaranteed the racing industry a percentage of the revenue it generates would provide certainty for future investment.
"This will allow venues across the country to build new infrastructure, supporting local jobs and construction businesses," the Treasurer said.
"It also provides an incentive to race clubs across the state to produce events that draw bigger crowds, helping regional tourism and accommodation operators right across the state."
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."
Ms Grace said the funding would also maintain record prize money so Queensland racing was competitive against other jurisdictions, provide incentives for Queensland-bred horses and continue measures to safeguard the welfare of racing animals and ensure that everyone in racing was competing on an even playing field.
"Every dollar invested in the racing industry generates $1.56 in benefits for the broader Queensland economy with over 80 per cent of racing and breeding occurring in regional Queensland," she said.
"Major racing infrastructure projects are underway, including the $38 million Gold Coast Turf Club redevelopment, the $8.9 million Sunshine Coast synthetic track and the new $39 million Greater Brisbane Greyhound Centre near Ipswich, along with dozens of other projects throughout regional Queensland, creating local jobs and contributing to Queensland's economic recovery from the COVID-19 pandemic.
"Country racing at non-TAB race clubs is a big part of the social and economic fabric of regional Queensland – more so than in any other state.
"That is why we have locked in continued support for the Queensland country racing industry, with our $35.2 million commitment that will provide a purse not only for prize money, but also maintenance of tracks and facilities.
"Every year, 62 Queensland towns host a race day as the highlight of that community's social calendar, with enormous economic benefit to these towns.
"Our investment in country racing is creating local jobs and improving facilities for jockeys, drivers, trainers, connections and racegoers from Cooktown to the Gold Coast and west to Birdsville."
Queensland's racing industry provides more than $1.6 billion to the state's economy every year.
