Day At The Track

$38m Tax Parity Fund

05:35 PM 27 Jun 2016 NZST
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TPF - Primary -  Racing Minister Hon. Troy Grant and Graham Kelly.jpg
Minister for Racing Troy Grant and HRNSW Chairman Graham Kelly.

The Chairman of Harness Racing New South Wales Graham Kelly today announced the strategy for the delivery to the New South Wales harness racing industry of almost $38million in tax parity funding over the next five years.

The funding will be delivered from July 1 commencing with $5.7million in FY17 and increasing to an estimated $11.5 million in FY21.

Following extensive consultations with industry stakeholders and review within HRNSW, the Board has approved the creation of a Tax Parity Fund Strategy that it believes will restore New South Wales to being the premier harness racing state in Australia. The Board believes the proposed distribution of the funding is in accordance with the needs of the harness racing industry.

Mr Kelly congratulated the Baird - Grant Government for securing the legislation which will, over time, return wagering tax to the New South Wales racing industry in-line with the Victorian model.

“On behalf of the participants in our industry, I wish to thank the Premier, the Honourable Mike Baird, and his parliamentary colleagues for their foresight,”Mr Kelly said.

“In particular I wish to thank the Deputy Premier and Racing Minister, the Honourable Troy Grant, for his determination in restoring the pari-mutuel funding in New South Wales to the level of Victoria, over the next five years.”

In accordance with submissions received by HRNSW during the consultative process the key areas for funding from Tax Parity are:

  • Prize money
  • Club Administration
  • Marketing
  • Breeding
  • Industry Development (Equine Welfare & Youth Development)
  • Infrastructure
  • Integrity

“The Board and Management sought submissions from stakeholders and it was clearly obvious what their requirements were,” Mr Kelly said.

“Prize money to participants drives demand for breeding whilst efficient and effective Clubs deliver our code of racing to the community.

“Marketing harness racing is essential at all levels, whilst a solid integrity strategy gives both players and punters confidence in the competition.

“Equine welfare and youth development strategies, whilst already in place, are to be enhanced.

“Minimum standards and best practices through infrastructure developments are long overdue even though the proceeds that flowed on from the sale of the Harold Park property have certainly helped propelled harness racing in New South Wales well into this modern age.

“Training facilities at the major racing centres are vital to the growth of harness racing in the various regions around the State.

“The Board of HRNSW believes that, overall, the proposed application of the Tax Parity Funds made available by the Government amounts to a strategic use of the funding over the next five years, in a way that should see harness racing continue to contribute strongly to the economy and community of the State.

“Finally, I would like to thank all those dedicated participants and industry associations that contributed to the process, as well as my fellow Board Members and the Management of HRNSW, for their efforts in creating a strategy that I believe will fairly and sensibly benefit all aspects of harness racing in New South Wales.”

Greg Hayes

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