6 October 2016
Jeremy Rockliff, Minister for Racing
Last year the Government made the difficult decision to introduce a package of measures, including a reset of prize money and industry funding, designed to put the Tasmanian racing industry back on track toward a sustainable future.
As a result of this hard decision, this year Tasracing delivered its first profit since its inception in 2009, turning a $1.2 million loss the previous year into a $0.2 million profit.
The turnaround signalled a new start for industry, and today I am pleased to announce that Tasracing will increase prize money and industry funding in 2016/17 by 4.2 per cent, or $840,000, taking the total allocation for the year to $20.8 million.
This increase is in line with Tasracing’s previously announced intention to introduce a four per cent stakes increase per year until 2020, subject to industry business performance.
The Hodgman Liberal Government is a strong supporter of the racing industry and its participants.
I would like to commend Tasracing for their hard work, which has secured the future of the racing industry in Tasmania.
The following amounts have been allocated across the three codes:
- Thoroughbred – $11.42 million, an increase of 4.37 per cent or $478,001 compared to the previous financial year.
- Harness – $5.47 million, an increase of 4.03 per cent or $212,237 compared to the previous financial year.
- Greyhounds – $3.9 million, an increase of four per cent or $150,202 compared to the previous financial year.
The increase was agreed to by the Tasracing Board following consultation meetings with representatives from the three racing codes in September.
Contact: James Billing
Phone: 0438 399 989