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Racing Queensland Chairman Steve Wilson has welcomed the State Government’s announcement of a critical $26 million in funding for thoroughbred racing that will support industry viability and position the sport to grow its $1.2 billion annual contribution to the state economy.
Prize money increases will be delivered in two stages with an immediate $18 million increase effective November 1, 2018 and, a further $8 million increase in six (6) months.
Mr Wilson said: “We would like to thank the government for their willingness to engage on this issue, and for listening to the concerns of the 42,000 passionate and committed individuals employed and engaged within the industry, half of which reside in regional and rural Queensland.”
“Racing Queensland was pleased to be involved in this frank consultation process and we are pleased with the outcome. This announcement by government will directly improve cash flow and industry viability for Queensland racing participants.
“This announcement will allow Racing Queensland to build on the foundations put in place over the past two years and to focus on delivering the government-approved Infrastructure Plan.”
Racing Queensland CEO Brendan Parnell said the returns would provide a significant boost to cash flow for participant viability.
“The government’s announcement is positive news for the future of racing and will go a long way toward returning confidence to the Queensland industry,” he said.
“I look forward to working with the Racing Queensland team and board over the coming days to determine how the thoroughbred funding will be allocated.
“On harness and greyhounds we will continue to work with government to improve industry viability for those codes.”