The McGowan Government is set to achieve a historic reform package for the racing industry and broader community, with the passage of a Bill that will pave the way for the long-awaited sale of the WA TAB.
The legislation secures a historic reform package for the Western Australian racing industry. In addition to being beneficiaries of the most generous point of consumption tax revenue sharing arrangements in the country, the sale of the TAB will ensure the industry receives the same operational funding levels it would have otherwise received, while 35 per cent of sale proceeds will be set aside for a dedicated racing infrastructure fund.
The McGowan Government has carefully consulted with the racing industry and broader community throughout the process. The industry will continue to be engaged in the process as the Government moves towards a sale.
A formal competitive process will now begin, with a sale expected to occur in 2020.
The McGowan Government has committed the remaining 65 per cent of sale proceeds to a new women’s and maternity hospital in Perth.
As stated by Treasurer Ben Wyatt:
“Once again, the McGowan Government has achieved what others only talked about. After a long and careful public consultation period, this Government has achieved the right result for industry and the broader community.
“The McGowan Government will now focus its attention on the sale. It is my intention that the process will be completed next year.
“I would also like to acknowledge the efforts of the member for South Perth John McGrath, his advice and support ensured that the reforms have benefited both the industry and the taxpayers of WA.”
As stated by Racing and Gaming Minister Paul Papalia:
“The McGowan Government is ensuring the sustainability and prosperity of the WA racing industry into the future.
“With the industry already receiving 30 per cent of the total revenue collected from the point of consumption tax – the most generous distribution in the country – it will also benefit from 35 per cent of the net proceeds of the sale to be put towards a dedicated racing infrastructure fund.
“I would like to thank Racing and Wagering WA, the Code Committees and everyone in the racing industry who participated in the consultation process for their great knowledge and support.”
