The Thoroughbred Breeders Queensland Association has applauded the Queensland Labor Government for its support of the breeding and racing industry.
Labor has announced an election commitment of $17.5 million per annum over four years, a total of $70 million, to fully fund the cost of country non-TAB thoroughbred racing for Queensland.
Currently non-TAB racing is only partially funded, and the existing support package of $21 million over four years is due to expire in two years.
"This new commitment will provide confidence for the racing industry and a much needed boost to prize money," said TBQA President, Basil Nolan.
Mr Nolan said the racing industry injects around $1.2 billion dollars into the State's economy every year and provides 42,000 jobs directly plus thousands more indirectly, but it can only survive and grow with financial support from the State Government.
Both the NSW and Victorian Government's invest heavily in their racing industries and are reaping the rewards, but unfortunately Queensland has never had that sort of support. Mr Nolan hopes that the tide may be turning.
"It is fantastic that the Labor Government has recognised how important this industry is, and that they're prepared to pledge this commitment.
"Country racing is the backbone of this industry, and if these grass root participants have confidence and are willing to invest in the industry then the flow-on affects are enormous."
Country and non-TAB racing in Queensland impacts on 105 country towns conducting more than 260 race meetings and Queensland has the highest proportion of non-TAB racing in Australia.
Racing Queensland has indicated in a recent statement that with non-TAB racing fully funded, $8 to $10 million per annum could be redirected from the RQ budget back into industry support and prizemoney for TAB races. The total package would allow RQ to redirect funds from non-commercially viable operations into areas that will drive wagering, improve the racing product, and boost returns for all.
"Labor's $70 million promise is certainly a step in the right direction and I look forward to seeing what the LNP has to offer," said Mr Nolan.
TBQA Release
