The Tasmanian Liberal Government is a strong supporter of the racing industry which contributes $103 million in economic input into the Tasmanian economy and the majority in rural and regional areas.
The Government’s Point of Consumption (PoC) Tax on Wagering was implemented with effect from 1 January 2020.
For the 2020-21 financial year PoC tax revenue of $14.6 million has been received, more than $2 million above budget.
Consistent with our commitment, we will now share 80 per cent of the additional revenue with the racing industry.
Based on POC tax revenue for 2020-21, $6.8 million has been calculated to be shared with Tasracing and the industry in 2021-22, which is $1.5 million above budget.
The contribution to the industry in the 2020-21 year was $2.5 million based on 80 per cent of additional revenue received in 2019-20 and this was directed to stakes increases, animal welfare and infrastructure upgrades. The Government will work with Tasracing on where this additional revenue will be allocated.
More than 5,500 Tasmanians are either employed in the industry or are direct participants. And our Government’s support for the industry gives it the confidence to continue growing.
A prime example of this support, is our record on stakes money increases. This significant investment includes an annual increase in stakes across all three racing codes of 16 per cent over four years including 6 per cent in 2021-22.
Tasmania’s racing industry makes a vital contribution to our economy and employment, particularly in regional Tasmania and that is why we will continue to be the strongest supporter of the industry.