Queensland industry races ahead

The Queensland racing industry impact on the state’s economy now exceeds $2.2 billion per annum.

Over the past 12 months, racing has continued to boom in the Sunshine State, with independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – demonstrating an increase of more than $300 million from FY21 to FY22 – an increase of 16%.

During the same period, a further 2,012 full-time jobs (+15%) were generated, with the Queensland racing industry now responsible for 15,593 full-time employees across the state.

Remarkably, racing’s impact on the state’s economy has grown from $1.2 billion in FY16 to $2.2 billion (+83%), while full-time jobs have risen from 9,546 to 15,593 (+63%).

Racing Minister Grace Grace said the industry continues to be a vital contributor for economic contribution and employment within Queensland.

“It is fantastic to see that the economic value that racing in Queensland delivers has nearly doubled under the Palaszczuk Government,” Ms Grace said.

“This is clearly the result of our strong record of delivering important reforms around integrity, animal welfare, financial sustainability and building new infrastructure that has given the industry the confidence it needs to grow for future success.

“With around 30 race meetings staged in Queensland every single week, and almost 50,000 participants, racing is absolutely thriving in the Sunshine State.

“But with a pipeline of major infrastructure projects underway and the recent commencement of our new sustainable funding model that now reinvests 80% of Betting Tax revenue back into the industry, the best is still yet to come.” 

Since FY21, economic growth remains consistently strong across the three codes of racing including:

• Thoroughbreds – Rises from $1.43 billion to $1.7 billion (+19%);
• Greyhounds – Rises from $245 million to $301 million (+23%); and
• Harness – Rises from $184 million to $216 million (+17%).

Pleasingly, participant numbers also continue to grow, reaching 49,786.

Click here to see key economic changes from FY16 to FY22.

Racing Queensland Chairman Steve Wilson AM said the continued trajectory of the industry is a testament to its participants’ love and passion for the sport.

“The Queensland racing industry continues to soar, despite facing a number of challenges in recent years,” Mr Wilson said.

“Following the global pandemic and recent floods, we have ensured our clubs and those at the coalface of the sport continue to shine, with full-time jobs and overall participant numbers reaching record levels in the past 12 months.

“In addition to our incredibly strong employment growth, to be able to facilitate a continued rise in economic impact is something we as an industry should be incredibly proud of, with 52% of that total directly benefiting regional economies.

“A key focus remains on delivering increased returns to participants, as well as investment across all sectors of our industry, with further enhancements having commenced in February thanks to the Palaszczuk Government’s Betting Tax.

“The IER data once again highlights how wide-ranging and impactful our size and scale is compared to other sporting industries, and with 85 towns across the Sunshine State celebrating racing as its largest or second largest community event, we are confident the growth will only continue to surge in the coming years.”

As published in its FY22 Annual Report, RQ increased its payments to participants last financial year to a record-high $299.3 million (+72% from FY16), with prize money reaching $208.6 million (+51%).

Click here to see a full copy of the 2021/22 Size and Scope Report.