Racing is a sure winner
THE Queensland racing industry’s contribution to the state economy has grown to a record $1.9bn – a 58 per cent increase in five years.
In the Cairns region, racing delivered $39.1m in economic benefit and 316 full-time jobs in 2020-21, a 40 per cent uplift across both measures.
It comes as a number of racing infrastructure upgrades were rolled out in the Far North including major renovations to the Innisfail Turf Club course and the construction of a $1.3m events centre at Cairns Jockey Club’s Cannon Park.
The data is contained in a new independent report released by Racing Queensland and research firm IER on Friday, outlining racing’s growth across the state over the past five years.
Racing Minister Grace Grace said the release of the Size and Scope Report showed the industry was booming.
“Across all three codes, we are seeing huge rises in the economic contribution racing
makes in Queensland,” Ms Grace said.
“The Palaszczuk government returns 35 per cent of revenue from the state’s Point of Consumption Tax back into racing, which has allowed the industry to inject hundreds of millions back into the Queensland economy and create more than 4000 new jobs over the last five years.
“The record $1.9bn economic contribution is an increase of nearly 60 per cent since 2016.
“Nearly half of this contribution directly benefits regional economies in Queensland, supporting more than 100 different communities.
“With close to 30 race meetings held in Queensland every single week, and total annual attendances figures of more than 675,000, it’s clear that racing is thriving in the Sunshine State.”
Racing Queensland deputy chairperson Sharon Dawson said the results were testament to the industry’s upwards trajectory over the past five years.
“The Queensland racing industry has done an incredible job in recent times,” Ms Dawson said.
“Not only have we navigated the global pandemic, ensuring our clubs have remained open and our participants have remained employed, but incredibly, we’ve facilitated economic and employment growth like few other sectors.
“The Far North plays a pivotal role in our footprint, not only through major carnivals at Cannon Park, but through the non-TAB sector which showcases our invaluable contribution to local communities.”