- Racing a prize worth $145 million to Sunshine Coast economy
- Industry doubles in values to a record $2.4 billion under Labor
- More local jobs and infrastructure delivered
The Queensland racing industry's annual contribution to the Sunshine Coast economy has surpassed $145 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)
On the Sunshine Coast, the industry was responsible for generating $145.4 million in value added contribution to the local economy in 2022-23, which represented a 162% increase since 2015.
The industry has more almost 3,400 participants involved on Sunshine Coast and supported 1,072 local full-time jobs (+132% since 2015-16).
Significant infrastructure upgrades to set the industry up for future success have been delivered in the region including the $7.4 million Sunshine Coast Turf Club stabling project, which saw more than 128 boxes across four barns constructed, forming a part of RQ's strategic objective to increase state-wide on-course stable facilities.
As stated by Racing Minister Grace Grace:
"The economic value that racing in Queensland delivers has now doubled since 2015 under the current Labor Government," Ms Grace said.
"With 70 race meetings staged at Corbould Park each year, and almost 3,400 participants driving the local industry, racing is absolutely thriving.
"This includes a number of feature meetings on the Queensland racing calendar hosted at Corbould Park including the Caloundra and Mooloolaba Cups as a part of our marquee Winter and Summer Carnivals.
"With more than a thousand full-time jobs in the region, those are salaries and wages that directly benefit the Sunshine Coast 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."
As stated by Member for Caloundra Jason Hunt:
"I was delighted to hear the latest data from Racing Queensland - we know that locals and tourists alike love getting out for race days at the Sunshine Coast Turf Club.
"The Sunshine Coast's racing industry is not just a source of entertainment; it's a vital economic driver for our community with a contribution of over $145 million in the past year and the creation of more than 1,070 full-time jobs.
"The recent investments in infrastructure, including the new stabling facilities at the Sunshine Coast Turf Club, underline our commitment to fostering growth and supporting local participants."
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.
"Importantly, the continued rise in value added contribution remains consistent in rural Queensland, with more than half directly benefiting regional economies."
"The Sunshine Coast plays a pivotal role in the state's racing footprint, with the recent stabling project and track redevelopment in recent years making Corbould Park an invaluable racing and training precinct for thousands of local participants.
"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 the Sunshine Coast'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.
