Tax Cuts Boost Country Racing
The NSW Government’s legislation of wagering tax parity has delivered a major windfall to country racing, with Racing NSW announcing increased prizemoney at Country and Provincial Races and a new Country Showcase series.
All TAB country races from July 2016 will offer minimum prizemoney of $20,000 per race, up from $15,000. Prizemoney for TAB provincial races will rise to $27,000, up from $22,000.
Also from July 2016, approximately 40 Country Showcase meetings will be held at regular intervals across regional NSW offering a minimum $30,000 in prize money.
Deputy Premier and Minister for Racing Troy Grant said this annual injection of $21 million in regional prize money will be the launch pad of success for racing in regional NSW.
“I am over the moon to see wagering tax parity deliver immediate benefits to country and provincial racing,” Mr Grant said.
“These funds mean so much – they will create more jobs, generate bigger crowds and help grow the racing industry in regional NSW.
“Our regions love a day at the track and race meetings bring the community together, offering an injection into local economies and entertainment for all.’’
“Racing NSW has recognised the huge contribution that regional NSW makes to the racing industry so I would like to thank Chairman John Messara, the Board and CEO Peter V’landys for delivering this much needed boost to country racing.”
The new minimum prizemoney will be available at the 52 Country and Provincial TAB Racing Clubs across the state from 1 July 2016.
Legislation to match NSW wagering tax rates with Victoria passed NSW Parliament last week, delivering $235 million extra to the industry over five years and an extra $90 million for each year after that.