Study shows the true benefits of racing to society – Racenet

An economic impact study commissioned by Racing Australia shows the Australia’s thoroughbred racing industry is “a major economic activity contributing to national economic growth, jobs and government revenues”.

News Limited’s The Australian reported the study has “identified the economic, employment and social contribution that the industry generates on a state and territory level — extending to measure metropolitan and regional outcomes”.

“Thoroughbred racing is one of Australia’s oldest sports but, as this report makes clear, it is also a major economic activity contributing to national economic growth, jobs and government revenues,” Racing Australia chair Ms Frances Nelson QC said.

The study was conducted on the 2016/17 racing season using data and records from the Australian Stud Book and Racing Australia.

It showed there are more than 70,000 full-time employees in Australian thoroughbred racing and almost another 80,000 full-time roles filled within industries related to or supporting the industry.

There are more than 150,000 participants in the Australian racing industry, a figure which including owners, trainers, jockeys, breeders and volunteers.

A figure of almost $6.3 billion represented the spend during the season on the breeding of thoroughbreds, preparation of racehorses, net wagering revenues, product fees and other forms of revenues from racedays.

The report showed $9.15 billion was Australia’s thoroughbred racing industry’s contribution to the nation’s economy.

The sport generates more than $800 million in taxes and more than $530 million to state governments around the country in stamp duties, gaming, wagering, employee and land taxes while the federal government was handed almost $20 million through income taxes and GST.

“A report like this is important for Racing Australia to use across our sport, but also in our dealing with others, including state and federal governments,” Racing Australia chief executive Mr Barry O’Farrell said.

“We’ll be using it to encourage both levels of government to prioritise more industry training places to ensure owners, breeders and trainers — whose efforts underpin the sport — can access the skilled employees needed for racing to develop and prosper.”

Autralia economy news

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