The State Government has described the racing industry as one of the big winners in next week’s state budget.
Premier Annastacia Palaszczuk today confirmed the government will deliver 35 per cent of revenue from the state’s Point of Consumption Tax back into racing.
It’s expected to deliver $41.3 million for the local racing industry over the next two years.
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“We’re investing in infrastructure to rebuild our economy and create jobs, including in racing. That’s what this is all about,” the Premier said.
“Supporting our racing industry to recover from the impact of the pandemic is an important part of our economic recovery plan.
“This industry supports thousands of jobs across the state. By investing a significant percentage of revenue back into the industry, we’ll create jobs and inject funds back into Queensland businesses.”
Racing Minister Grace Grace said today’s announcement includes a new funding formula, that provides the racing industry with greater funding certainty.
“From July 1, the Palaszczuk Government will now give 35 per cent of that revenue back to the racing industry which equates to $41.3 million over the next two years,” she said.
“That means every time someone places a bet in Queensland, a guaranteed portion of that money will go back into improving tracks, upgrading facilities for racegoers, boosting prize money, supporting animal care and creating more jobs in and around racing.”
It comes as a number of major projects get underway across the state, including the $38 million Gold Coast Turf Club redevelopment, the $8.9 million Sunshine Coast synthetic track and the new $39 million Greater Brisbane Greyhound Centre near Ipswich.