Racing’s contribution to Queensland economy doubles to whopping $2.4bn

A Covid induced wagering boom has seen racing’s contribution to the Queensland economy skyrocket, with more than 15,000 people employed full time in the industry, a new study has found.

Queensland racing is one of the state’s biggest economic drivers. Picture: NCA NewsWire/Dan Peled

Racing’s contribution to the Queensland economy has doubled in almost 10 years as the industry emerges as one of the biggest employers in the state, a new study has found.

An independent economic report by IER has found racing across all three codes delivered $2.4 billion towards Queensland’s economy in 2022-23, on the back of a Covid-induced wagering boom.

The study found more than 15,000 people were employed in a full-time capacity in racing in Queensland, with around 50,000 participants directly linked to the sport across the three codes.

“The IER data once again highlights how wide-ranging and impactful the racing industry’s size and scale is across Queensland,” Racing Queensland chairman Steve Wilson said.

“Our unrelenting focus on returning payments to participants including prizemoney – along with strategic infrastructure – has provided confidence in the industry, and in return, strong economic growth and employment figures.

“Importantly, the continued rise in value added contribution remains consistent in rural Queensland, with more than half directly benefiting regional economies.”

Racing in Queensland is a major employer. Picture: Trackside Photography

In the 2015-16 financial year, thoroughbred racing contributed $959 million to the Queensland economy, with that figure almost doubling to $1.8 billion in 2022-23.

Greyhound racing has proved to be a boom area, with its impact skyrocketing from $113m to $344 million, while harness racing has gone from $142 million to $232 million.

With a difficult wagering landscape looming, Racing Queensland increased payments to participants last year to $370.4 million, $243.7 million of which was prizemoney.

Racing minister Grace Grace said there was a “major pipeline” of infrastructure projects “nearing completion” in Queensland, which has been done on the back of the Point of Consumption Tax.

“With around 30 race meetings staged in Queensland every single week, and almost 50,000 participants driving the industry, racing is absolutely thriving in the Sunshine State,” she said.

Originally published as Racing’s contribution to Queensland economy doubles to whopping $2.4bn