The Queensland racing industry is set to benefit from an extra $12 million in annual prizemoney, Racing Minister Stirling Hinchliffe has announced.
Mr Hinchliffe said the additional prizemoney was a massive win for Queensland racing industry participants across all three codes.
“Racing Queensland’s extended prizemoney package is exactly what the racing industry has been crying out for,” he said.
“It means an extra $12 million will be pumped directly into the industry each year across the thoroughbred, greyhound and harness racing codes.
“This comes on top of the $3.2 million prizemoney boost announced by Racing Queensland in 2017.
“It’s been made possible by our four-year $70 million country racing package announced in November, which will see country racing treated as a community service obligation for the first time in Queensland’s history.
“The Palaszczuk Government is going all out to grow and prosper racing throughout Queensland, and I look forward to seeing the massive benefits this increased prizemoney will deliver to the industry.
“These prizemoney increases couldn’t have come at a better time, as the eyes of the racing world are on the Gold Coast’s Magic Millions Carnival – a unique racing, bloodstock and tourism event on a global scale.”
Mr Hinchliffe said metropolitan, provincial and regional racing would all share in this extra prizemoney.
“Metropolitan premier stakes races will be increased to $70,000 per-race from the current $60,000,” he said.
“Provincial clubs at the Sunshine Coast, Gold Coast and Ipswich will have all maiden races boosted by $1,000 to $15,000.
“Regional provincial clubs will have standard stakes boosted by $2,000 per race and northern feature carnivals will be increased by a total of $527,000 to be spread across carnivals from Rockhampton to Cairns.
"Overall the additional money represents a 16.6 per cent increase to metropolitan premier stake races while regional TAB races will see a 16 to 20 per cent increase from their current stakes.
“This additional investment is crucial for the Queensland racing industry, which employs or engages 42,000 people and delivers an annual economic impact of $1.2 billion.”
The $12 million increase will deliver an additional $8.6 million to thoroughbred, $3 million to greyhound and $400,000 to harness racing.
The increases will take effect on a pro-rata basis from 1 February 2018.
Minister for Local Government, Minister for Racing and Minister for Multicultural Affairs
The Honourable Stirling Hinchliffe