Queensland racing prizemoney boost through Point of Consumption tax
Racing in the Sunshine State is set for an added injection of cash after authorities settled on how best to spend the windfall from the controversial Point of Consumption tax.
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Almost $29m in additional money will be ploughed into Queensland racing prizemoney and infrastructure over the next two years with officials reaching a decision on how best to spend the recent windfall as a result of the Point of Consumption Tax.
A focus on everyday racing will see an additional $2000 added to every maiden race at TAB meetings at metropolitan, provincial and country level while all non-TAB races will have their prizemoney boosted from $7400 to $8500.
All Listed races will see their prizemoney boosted from $125,000 to $130,000.
An additional $1.2m has been added to the highly successful Queensland Thoroughbred Incentive Scheme (QTIS) which will see bonuses for all southeast Queensland provincial races lifted from $12,000 to $14,000.
Greyhound racing will see boosts of $1.7m to prizemoney while harness receives $900,000 along with $800,000 per year injected into the QBRED breeding scheme.
“It will be delivered through increased prizemoney from 1 September 2021, along with infrastructure grants and improved club funding and allow us to support more jobs as part of Queensland’s plan for economic recovery from COVID-19,” Racing Minister Grace Grace said.
“The Investment Plan will benefit almost 40,000 Queensland participants.”
After announcing increases to summer and winter carnivals, Racing Queensland chairman Steve Wilson said there was a focus on supporting the lower levels of racing in the Sunshine State.
“It is important that we provide all participants with the confidence to continue to work and invest within the Queensland racing industry,” he said.
“As a result, we are providing strategic funding for our three codes, with a strong emphasis on commercial competitiveness at the grassroots and making Queensland attractive for all participants.”
The governing body will kick in an additional $3.5m for key infrastructure projects which includes on-course stabling at a number of race clubs.
Originally published as Queensland racing prizemoney boost through Point of Consumption tax
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