PRIZEMONEY for thoroughbred races in country areas will increase next year, with minimum levels of $20,000 for TAB events.
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NSW deputy premier and racing minister Troy Grant joined with Racing NSW chairman John Messara and chief executive Peter V'Landys in Dubbo today to announce the change, as well as the implementation of new 'showcase meetings' where each race will have a minimum of $30,000 in stakes.
A number of industry participants joined with the high-powered trio for the announcement, which has been met with excitement by owners, trainer and jockeys.
Increases in minimum country TAB and provincial prizemoney, as well as the introduction of the showcase meetings will account for more than 60 per cent of the proceeds from the second and third years of wagering tax parity, which was passed through parliament last week, and provide an enormous boost for racing in these sectors.
The increases for country participants will see prizemoney jump to approximately $69 million per annum, up from $31.2 million in the 2011 financial year, an increase of 120 per cent during that period.
VIDEO: NSW deputy premier and racing minister Troy Grant's statement:
“On behalf of the Baird Government I am delighted to announce that from 2016/17, minimum prizemoney for Country TAB meetings in NSW will be increased by $5000 or 33 per cent to $20,000 per race. In addition, minimum prizemoney for provincial meetings will be increased by $5,000 to $27,000, a rise of 23 per cent per race,” Grant said.
“Further, racing in Country NSW will benefit by the introduction of Country Showcase Meetings to be staged throughout the State. Approximately 40 meetings each year will be upgraded to carry premium prizemoney of $30,000 per race.
“These increases will build upon the economic and social contribution made by thoroughbred racing, especially in country NSW."
V’landys also announced that from July 1 of next year Racing NSW will launch a new traineeship and apprenticeship scheme for youth in regional NSW by committing $1 million per annum to the scheme.
VIDEO: Racing NSW chairman John Messara's statement:
“The first priority of the Scheme will be to employ apprentice track curators throughout NSW,” he said.
“Finally, in addition to their 5 per cent share of the increased prizemoney, jockeys will also receive a further $660,000 per annum in riding fees from July 1 2016.”
The five year phase-in of wagering tax parity in NSW that sees the NSW Government progressively reduce its share of TAB gross wagering revenue to that of its Victorian counterpart will provide $181.6 million of additional funding to NSW thoroughbred racing industry, commencing in the present financial year.
Discussions have also taken place with the NSW harness racing industry, while the impact of tax parity on the greyhound sector will be confirmed in March after recommendations are handed down in relation to an ongoing inquiry into the sport.