Tasracing will increase base funding for all three racing codes in Tasmania by six per cent for 2017/18 to $22.05 million.
After taking account of funding carryovers last financial year from the 2014/15 season ($394,000), the increase will equate to four per cent year-on-year, as outlined in Tasracing’s Corporate Plan.
Tasracing chief executive officer Vaughn Lynch said the increase was a good outcome for the racing industry and confirmed the company’s commitment to improving stakes levels for all three codes of racing.
“The increase is a result of Tasracing’s focus on growing race field fee revenue and developing a sustainable footprint for the industry,” he said.
“Tasracing would like to thank everyone in the racing industry for their commitment and dedication as these improvements can only occur as a result of a united industry.
“We can look to the future of racing in Tasmania with confidence and trust that our industry partners can positively work together to produce the optimal outcome.”
Mr Lynch said Tasracing would meet with code representatives later this month (18 August) to agree on details of the increased allocation within each code.
“While the funding allocation code by code has been set, following this consultation, the breakdown within each code will be finalised,” he said.