Winston races to aid of supporters
Winston Peters has repaid the electoral support of New Zealand’s racing industry with his changes to the bloodstock tax rules and plans for an all-weather track.
The racing minister announced $4.8 million for tax deductions towards the cost of breeding highquality horses in last week’s Budget.
This change would encourage new investment in the breeding industry, he said, enhancing racing stock and making it a more financially attractive sector.
Peters said the previous rules favoured established breeding businesses, rather than attracting new investment.
Under the new rules, investment in yearlings would be taxdeductible if bought with the intention of breeding for profit.
NZ First has not disclosed its party donors in the annual declarations to the Electoral Commission this month, but Peters did have outspoken support at last year’s election from the Waikato thoroughbred and bloodstock industry.
Sources said expected him to deliver their wishlist: an allweather track, tax breaks for breeding, a restructured New Zealand Racing Board, and possibly outsourcing some TAB services to an Australian provider.
Industry leaders were vocal in their support of NZ First, with thoroughbred breeders Sir Patrick and Lady Hogan taking out a full-page advertisement in industry newspaper The Informant to encourage racing participants to party vote NZ First last year.
Hogan’s plea came after the party’s former racing spokesman, Clayton Mitchell, pledged to support a government-funded allweather race track if elected.
Sir Patrick Hogan couldn’t be reached for comment but in the full-page advertisement, he and wife Justine said the National Government had been apathetic to the idea and Peters was the only political figurehead who showed any passion for racing.
‘‘To all those eligible to vote – breeders, owners, trainers, jockeys, administrators, punters and the many businesses that are financially supported by the industry – this is an enormous opportunity to support NZ First’s initiative to have 100 per cent what we’ve been asking for,’’ the couple wrote.
Peters insisted on the racing portfolio in negotiations to form a governing coalition. In January at the Karaka National Yearling bloodstock sales, he confirmed plans for the all-weather track, saying it would save millions lost through abandoned races and give the industry more certainty.
Details for the track are vague, and a location has not yet been decided.