Racing CEO outlines LNP’s new proposal

Racing Queensland has outlined an election commitment from the Liberal National Party to fund country racing in Queensland and to boost prize money and incentives for breeders.

Racing Queensland CEO Dr Eliot Forbes said the funding commitments were positive.

“We have seen statements that commit to $72.9 million over four years for country racing and a boost of $24 million for prize money and incentives for breeders, inclusive of a $16.5 million package for country racing, referred to as additional funding,” Dr Forbes said.

“We have sought more details on the nature and timing of the funding and how the packages relate to each other.

“What we can say is that any additional money for racing provides an advantage that will flow through to all participants and stakeholders.

“The industry generates $1.2b of economic value in Queensland with around 42,000 individuals employed or engaged within the industry.”

Racing Queensland has delivered a $20 million turnaround during the last financial year and already boosted prize money by $3.2 million this year.

“We have developed and implemented a Strategic Plan focused on commercial growth while launching our infrastructure program, with $19 million in projects already under way.”

Dr Forbes noted the LNP’s policy position to change the governance structure of the racing industry, providing for each code to have operational control and more industry participation.

“If the LNP wins government their policy suggests a nine-month period for consultation and development of a new governance model of individual code bodies for thoroughbred, greyhound and harness racing,” Dr Forbes said.