Racing Queensland report exhibits trade’s significance to state financial system

RACING’S capacity to drive an financial return for Queensland and ship jobs throughout the state’s covid restoration has been laid naked in a brand new report back to be launched in the present day.

The Dimension and Scope report – delivered by tourism, occasions and leisure trade consultants IER – discovered the Queensland racing trade’s financial contribution grew 5.5 per cent to greater than $1.6 billion within the 2018/19 reporting interval.

Racing additionally created 1070 extra fulltime jobs in that interval, taking its complete employment to 12,643 Queenslanders.

It comes as racing bosses are positioning the trade to take a lead position within the state’s financial restoration, having been one of many solely sport’s to proceed proper by way of the pandemic interval.

Driving extra tourism to regional Queensland by aligning race meets with main occasions is a part of the technique, whereas the Palaszczuk Authorities has dedicated $31.5 million to show the Gold Coast Turf Membership into the ‘Glad Valley’ of Australian racing.

Evening racing can be a characteristic of the upgraded Gold Coast Turf Membership in what can be a significant new attraction for the tourism reliant metropolis.

The trade’s $1.61 billion financial contribution is $80 million greater than the earlier reporting interval.

“The Queensland racing trade continues to make huge strides,” Racing Queensland chairman Steve Wilson stated.

“This knowledge confirms how dominant our dimension and scale is in comparison with different sporting industries, nevertheless it’s the best way by which we join individuals all through the state which is so essential.

“From Stanthorpe to Cooktown and in all places in between, greater than $850 million in salaries and wages are earned by Queensland racing members.

“Throughout Queensland, there are 62 cities annually who host a raceday because the spotlight for that group’s social calendar, showcasing all the things that’s nice about native meals, trend and on-course leisure.

“Given the challenges of COVID-19, the state’s post-pandemic restoration will impression us all, and racing can play a key position in driving intra-state and inter-state tourism by way of our unbelievable occasions and actions.”

Racing Queensland’s annual report late final month confirmed the governing physique had elevated its funds to members in FY20 to a report excessive of $223 million, with prize cash reaching $172 million.