The Queensland Winter Racing Carnival has received a major boost with the news that thoroughbred TAB race meetings will receive an extra $8 million a year in prizemoney.
Premier Annastacia Palaszczuk said the $8 million increase was in addition to $18 million in thoroughbred prizemoney which started flowing in October 2018.
“Thousands of Queenslanders go racing each year and thousands more rely on the industry for income,” The Premier said.
“With this extra $26 million in annual prizemoney, racing participants have renewed cause for optimism.
“Prizemoney is the lifeblood of racing and this latest boost is great news for the owners, trainers, breeders and workers who rely on the industry to earn a living.
“It builds on my government’s strong support for racing, including our four-year $70.4 million Country Racing Support Program and extra harness and greyhound prizemoney.
“I’m pleased that racing participants have recognised the need for reform and the government will continue to work with industry to achieve even greater sustainability.”
Racing Minister Stirling Hinchliffe said racing participants had agreed to the $26 million annual prizemoney boost in exchange for a commitment to broader industry reform.
“The reforms include developing a more commercially focused race schedule and promoting multi-use facilities at race clubs to increase their viability,” Mr Hinchliffe said.
“Industry has also acknowledged the need to convert more non-TAB meetings to TAB racing where viable and to make improvements in the delivery of infrastructure.
“I’m working closely with participants to put racing in Queensland on a path to greater prosperity and self-sufficiency.”
