The racing industry has doubled its contribution to the Queensland economy in the past eight years, tipping in $2.4 billion last year.
Racing Queensland released its latest independent economic data this week, which showed an increase of close to $200 million, or nine percent, in 2022-23 over the previous financial year.
State Racing Minister Grace Grace said over the past eight years the overall economic contribution of Queensland racing doubled from $1.2 billion in 2015-16 to $2.4 billion in 2022-23.
Minster Grace said there was growth across all three codes of racing over that time.
She said thoroughbreds rose from $959 million to $1.8 billion (90 percent), greyhounds from $113 million to $344 million (204 percent) and harness from $142 million to $232 million (64 percent).
“Almost 250 extra full-time jobs were generated in racing in 2022-23, with the industry now responsible for 15,839 full-time equivalent jobs across Queensland – an increase of 66 percent since 2015.”
Racing Queensland Chair Steve Wilson said participant numbers remained steady with almost 50,000 people involved in the Queensland racing industry.
He said Racing Queensland increased its payments to participants last financial year to a record-high $370.4 million, up 113 percent since 2015-16, with prize money reaching $243.7 million, up 83 percent since 2015-16.
“The data once again highlights how wide-ranging and impactful the racing industry’s size and scale is across Queensland,” Mr Wilson said.
