Racing Continues To Spur Queensland Economy
Racing continues to spur Queensland economy
- Queensland racing industry grows by $50 million from FY23 to FY24.
- Racing’s impact on the Queensland economy nears $2.5 billion annually.
- The industry supports almost 14,500 full-time jobs across Queensland.
The Crisafulli Government has released new data showing Queensland’s racing industry now contributes close to $2.5 billion per annum to the State’s economy.
According to independent data from research specialists IER, the Queensland racing industry is going from strength to strength, growing by $50 million last financial year.
Racing Queensland’s (RQ) Size and Scope Report shows consistent growth with a 104% rise in total value add since FY16, with full-time employment increasing from 9,546 to 14,472 in the same period.
Across the State, the industry is having a significant economic impact.
In Mackay, racing contributes close to $40 million annually, across the Outback it is exceeding $35 million, while Townsville sees more than $75 million and the Sunshine Coast more than $150 million per annum in economic benefits.
Participant numbers throughout Queensland have remained steady with 49,248 people currently involved in the Queensland racing industry.
The Crisafulli Government recently announced the terms of reference for its comprehensive review to ensure the long-term sustainability for thoroughbred, harness and greyhound racing in Queensland.
Minister for Racing Tim Mander said the report recognises how important the racing industry is to the Queensland economy and Queensland families.
“Racing Queensland’s latest Size and Scope Report once again highlights the sheer size and strength of the State’s racing industry,” Minister Mander said.
“The racing industry continues to be a vital contributor to Queensland, headlined by its near $2.5 billion annual contribution to the state’s economy, whilst continuing to support close to 14,500 full-time jobs.
“The Crisafulli Government is steadfast in its support for the racing industry, which hosts close to 32 meetings a week and supporting almost 50,000 participants from Birdsville to Cooktown and everywhere in between.
“We are currently undertaking the most significant Racing Review in decades encompassing all three codes. The focus of this review is ensuring a vibrant, sustainable future for the sector. I am looking forward to receiving the Review and its recommendations later this year.”
RQ Chair Steve Wilson AM said he takes great pride in seeing the racing industry’s continued growth despite a number of challenges in recent years.
“Racing runs through the veins of so many Queenslanders, and the sheer size and scale of our industry remains remarkable,” Mr Wilson said.
“It’s a significant achievement that, despite ongoing challenges, the industry has maintained a continued rise in value added contribution, with more than half directly benefiting regional economies.”
https://statements.qld.gov.au/statements/102636