Jane Howlett, Minister for Racing
30 November 2021
The Tasmanian Liberal Government continues to back Tasmania’s racing industry, and as Minister for Racing, I am pleased to announce that Tasracing has brought forward a proposed code funding increase by six months to 1 January 2022.
The decision to increase code funding by 4.3 per cent was taken given the strong financial performance of the organisation in the 2020/21 financial year.
Based on this strong financial footing, the industry is set for a period of further growth.
The company reported a total comprehensive profit last financial year of $6 million thanks to record turnover and increased Race Field Fee revenue.
The funding increase means a four per cent – or $1.3 million on an annual basis – increase in stakes across the three codes.
Prior to the introduction of the increase, Tasracing will consult directly with the industry about its specific detail.
The Tasmanian racing industry is critical for the State, generating close to $185 million in value-added contribution to the Tasmanian economy.
Almost 6,000 people are involved in the industry as employees, participants or volunteers, with nearly two-thirds based in regional or rural Tasmania.