Racing increases statewide contribution

The Queensland racing industry’s impact on the state’s economy continues to rise, now bordering on $2.5 billion per annum.

Latest independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – has once again outlined the industry’s strong contribution to the Sunshine State, headlined by a fifty-million-dollar increase from FY23 to FY24.

Employment across the state dipped modestly, with the industry sustaining 14,472 full-time roles in Queensland. 

The industry’s consistent growth and impact on the state’s economy is underpinned by a 104% rise in total value add since FY16, with full-time employment increasing from 9,546 to 14,472 in the same period (+52%). 

Click here to see key economic changes from FY16 to FY24.

Racing Minister Tim Mander said the latest data signifies the racing industry’s importance to the state from both an economic contribution and employment standpoint. 

“Racing Queensland’s latest Size and Scope Report once again highlights the sheer size and strength of the Queensland 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.” 

Participant numbers have remained steady with 49,248 people presently involved in the Queensland racing industry. 

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 the ongoing challenges, the industry has maintained a continued rise in value added contribution, with more than half directly benefiting regional economies.”

Click here to see a full copy of the 2023/24 Size and Scope Report.