Tasracing is to be commended for following the Government’s lead to put racing on a sustainable footing.
Tasracing’s annual report shows it is taking considerable actions to improve its bottom-line.
Earlier this year the Tasmanian Government decided not to increase the taxpayer’s existing $30 million contribution to the racing industry, given the budget circumstances we inherited and our commitment to reinvesting in health, education and public safety. I’m pleased the industry has responded.
This financial year Tasracing’s wagering turnover grew to $475 million, with a growth of seven per cent and Racefield revenue increased by nearly 15 per cent to $10 million.
International revenue also reached new heights, with a record return from Sky Racing’s international business, following a concerted effort to promote Tasmanian racing.
Tasracing has also continued to maintain $1 million in savings and efficiencies.
It is great to see that Tasracing shares in this government’s commitment to manage the budget and apply strict fiscal discipline.
This discipline will allow the company to operate with a long term view, with the necessary changes that are required within the industry that will allow it to grow and prosper into the future.
The loss of the Tasracing Chair Brian Speers in August was a great loss to the racing industry and also to business and community life in Hobart.
Brian was well known and well liked. I am grateful for the sound advice and strong support he provided to me as Minister over the last 18 months, and the mutual trust we built as we moved towards a sustainable business model for Tasracing.
I am grateful for the leadership provided by Acting Chair Dean Cooper and CEO Eliot Forbes during this time and the year ahead, and I look forward to continuing to work with Tasracing and the broader racing community over the coming year towards a more sustainable industry with a secure future.
Jeremy Rockliff, Minister for Racing
