Qld racing industry delivers record economic and employment result

The Queensland racing industry is tipped to continue its rapid growth after announcing a record $2.2 billion economic contribution across the state.

Magic Millions co-owner Katie Page and Racing Minister Grace Grace with female jockeys on the Gold Coast. Picture: Luke Marsden

Minister Grace Grace says the racing industry will continue to boom after announcing a record $2.2 billion economic contribution across the state.

The 2021-22 industry impact report into Queensland racing will be released on Friday, showing a $300 million increase in economic benefit over the previous financial year.

Developed by independent tourism and events consultancy IER, the report shows more than 2000 new full-time jobs were generated, taking the number of industry participants to almost 50,000 people.

With a pipeline of major infrastructure projects, employment growth across regional Queensland and another bumper winter carnival in the South East coming to an end this weekend, Ms Grace said racing was going from strength to strength.

“It is fantastic to see the economic value that racing in Queensland delivers has nearly doubled under the Palaszczuk Government,” she said.

“This result is a clear example of our strong record of delivering important reforms around integrity, animal welfare, financial sustainability and building new infrastructure that has given the industry the confidence it needs to grow for future success.

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

“But with a pipeline of major infrastructure projects underway and the recent commencement of our new sustainable funding model that now reinvests 80 per cent of betting tax revenue back into the industry, the best is still yet to come.”

Think About It cruises to victory in the Group 1 Stradbroke Handicap under jockey Sam Clipperton, for trainer Joe Pride. Picture: Grant Peters - Trackside Photography

Gold Coast Turf Club is undergoing a major $63m revamp, with a new track and lights program set to make it the home of night racing in Australia.

Racing Queensland is also building a new home for harness racing at Norwell on the northern Gold Coast, and the $40m future home of greyhound racing at Ipswich, known as ‘The Q’.

Racing Queensland chairman Steve Wilson said the industry had bounced back well from

the global pandemic and last year’s floods.

“We have ensured our clubs and those at the coalface of the sport continue to shine, with full-time jobs and overall participant numbers reaching record levels in the past 12 months,” he said.

“In addition to our incredibly strong employment growth, to be able to facilitate a continued rise in economic impact is something we as an industry should be incredibly proud of, with 52 per cent of that total directly benefiting regional economies.”

The latest economic report comes after it was revealed this week wagering on the current Queensland winter carnival remained strong, despite a slow down in the wider market.

The Doomben Cup and Hollindale Stakes race days had recorded wagering turnover, while the Stradbroke Handicap was slightly down on 2022, but still the third highest in Queensland history.

Originally published as Qld racing industry delivers record economic and employment result