Response to Rosalie Woodruff’s Tasracing Funding Statements

Thursday 27 July 2023

In response to a recent social media post by MP Rosalie Woodruff, Tasracing makes the following statement:

The Tasmanian racing industry is partly funded under a 20-year funding deed established following the sale of the government-owned TOTE Tasmania to Tattsbett in 2011.

Until then, the racing industry was self-funded and delivering a dividend to the government of the day.

That is why the racing industry today receives, in effect, government compensation funding.

Importantly, Tasracing’s non-government commercial revenue has grown over the five years to the end of 2021/22 by 131 per cent or $13.8 million.

Tasracing received $33.4 million in 2021/22 under the funding deed – this is disclosed in the Annual Report.

A further $7.1 million was received via a Point of Consumption Tax – derived from revenue earned by betting operators (not funded by government).

These income streams enable the racing industry to deliver $185 million in economic benefit to Tasmania every year, providing employment for nearly 6,000 Tasmanians, particularly in regional Tasmania.