John Warren, one of the world’s most respected thoroughbred industry leaders, and racing and bloodstock adviser to the British royal family for 37 years, hailed “the broad base” of the Australian racing sector as likely to pull it through any economic pain as the annual Magic Millions Gold Coast Yearling Sale got underway on Tuesday.

“In this day and age, nothing is bulletproof, and we’re all hearing this year could be tough,” Mr Warren said at the Magic Millions sale complex in Bundall. “But where Australia is so lucky is you have such broad interest, and such a broad base in terms of buyers at your thoroughbred sales.”