Queensland greyhound racing now worth $301 million to state economy
Revving with vitality under the watchful stewardship of the Palaszczuk Government, the racing industry in Queensland witnessed a record-breaking economic contribution of a staggering $2.2 billion to the state's economy in the financial year 2021-22, marking an 83% leap since the government took office.
This robust growth, an economic boost of over $300 million (16%) from the preceding financial year, has been further complemented by an influx of full-time jobs.
A surge of 2,012 positions (15%) in the same period resulted in the Queensland racing industry employing 15,593 individuals full-time across the state, a 63% increase since 2015.
The industry is also experiencing an uptick in participants, with the figure now standing at 49,786.
A sector-wise analysis reveals that the impressive economic growth has been mirrored across all codes of racing, with thoroughbreds witnessing a rise from $959 million to $1.7 billion (+77%), greyhounds escalating from $113 million to $301 million (+167%), and harness racing leaping from $142 million to $216 million (+52%) since 2015-16.
The Minister for Racing, Grace Grace, lauded the economic progress, asserting that racing in Queensland has nearly doubled under the Palaszczuk Government's reign, attributing the flourishing industry to significant reforms in integrity, animal welfare, financial sustainability, and the construction of new infrastructure, instilling confidence for continued growth.
The minister expressed optimism about the future of the industry, with about 30 races held weekly in Queensland and almost 50,000 participants.
The advent of major infrastructure projects and the introduction of a sustainable funding model that reinvests 80% of betting tax revenue back into the industry promises that the best is yet to come.
Racing Queensland (RQ) Chairman gr AM echoed the positive sentiments, commending the resilience and ongoing growth of the Queensland racing industry amid recent challenges, including the global pandemic and floods.
He highlighted the record levels of full-time jobs and overall participant numbers attained in the past year.
With 52% of the total economic impact directly benefiting regional economies, the industry is looking forward to increased returns to participants and investment across all sectors, further boosted by the Palaszczuk Government's recent change in betting tax.
The chairman concluded by expressing confidence in the industry's continued growth, considering that racing is the largest or second-largest community event in 85 towns across the Sunshine State.
The economic contributions by region underscore the pervasiveness of the growth in the racing industry.
The Gold Coast, for instance, recorded a total economic contribution of $229.3 million, a 143% increase since 2015-16, while job numbers in the region have experienced a remarkable 515% boost.
The Sunshine Coast witnessed a 151% increase in economic contributions, amounting to $139.6 million, and a 139% growth in jobs.
Meanwhile, the economic contribution in Townsville shot up by 127% to $70.6 million, with jobs increasing at the same rate.
Other regions like Toowoomba, Darling Downs and Maranoa, Central Queensland, Wide Bay Burnett, Far North Queensland, and Mackay, Isaac and Whitsunday also reported significant economic growth and job increases since 2015-16.