Thoroughbred Breeders Queensland Association President Basil Nolan welcomes the State Government's $26 million in funding for thoroughbred racing.
The announcement was made late Friday that prize money increases will be delivered in two stages, with an immediate $18 million increase effective November 1, 2018 and a further $8 million increase in six months.
Mr Nolan would like to thank all the industry stakeholders who have supported the TBQA, Queensland Trainers Association, Australian Jockeys Association Queensland and Queensland Racehorse Owners Association in their fight to see some of the Point of Consumption tax returned to the racing industry.
"Without the strong show of support from participants, particularly with strike action on Cox Plate Day, I have no doubt our requests would have been overlooked," said Mr Nolan.
"I would particularly like to thank QTA President, Cameron Partington for all his hard work to rally everyone together to ensure our voice was heard."
Mr Nolan would also like to thank RQ Thoroughbred Board Chairman, Mark Sowerby and CEO, Brendan Parnell for representing the industry so well and their positive negotiations with the State Government.
Racing Queensland Chairman, Steve Wilson has indicated that this $26 million dollar injection will support industry viability and position the sport to grow its $1.2 billion annual contribution to the state economy.
"I would like to thank the State Government for listening to our concerns and I look forward to working closely with them in the future to ensure the thoroughbred industry continues to be provided with its fair share of the PoC tax moving forward," said Mr Nolan.
This is positive news for the future of racing and will go some way toward returning confidence to the Queensland industry.
Racing Queensland will now determine how the funding will be allocated.
