RQ backs funds boost

RACING: Racing Queensland has welcomed a breakthrough in negotiations which is set to deliver the thoroughbred racing industry an additional $26 million prize money funding.

RQ’s comments followed an announcement on Friday by the state government it is responding to calls from the recently formed trainers, jockeys, owners and breeders’ racing alliance seeking an urgent increase in Queensland pools.

The settlement between the two parties, in dispute over the distribution of bookmaker Point of Consumption tax revenue, comes after industrial action at the weekend by a united Queensland racing fraternity.

The strike halted scheduled Saturday TAB meetings at Toowoomba, Doomben, Gold Coast and Townsville.

The $26 million funding is intended to support industry viability and position the sport to grow its $1.2 billion annual contribution to the state economy.

Prize-money increases will be delivered in two stages with an immediate $18 million increase effective November 1, a further $8 million increase in six months.

Racing Queensland CEO Brendan Parnell said the returns would provide a significant boost to cash flow for participant viability.

“The government’s announcement is positive news for the future of racing and will go a long way toward returning confidence to the Queensland industry,” Parnell said.

No further industrial action is planned by the alliance.