Racing industry worth $2.8 billion to the Victorian economy

A newly released report show that Victoria’s racing industry generating more than $2.8 billion in economic activity in 2013, having grown by 33% since 2006.

The IER Victorian Racing Industry Size and Scope Study, demonstrates the importance of thoroughbred, harness and greyhound racing to communities right across Victoria.

Releasing the Study, Victorian Premier and Racing Minister Dr Denis Napthine explained that the comprehensive work shows the growing social and economic importance of the racing industry across Victoria.

Dr Napthine stated "this study shows how vital racing is to Victoria and the many people who work in or enjoy this important industry.

"This ranges from the once-a-year punter to owners and breeders who invest in the dream of breeding or owning a champion racehorse or greyhound.

"Regional Victoria plays a key role in this success, with economic benefits touching all regions across the state.

"Racing generates more than $940 million in annual economic benefits in regional and rural Victoria, with more than 43,000 regional participants in the industry.”

Racing is a major employer in Victoria with more than 27,000 full time jobs directly sustained by the industry. There are also 114,000 people directly involved in the industry, including a large proportion from regional and rural areas.

The Study also demonstrates the importance of racing to the Victorian tourism sector, with more than 207,000 international and interstate visitors attending Victorian racing events. Melbourne's world-renowned Spring Racing Carnival saw attendances top 706,000 and generated $620 million in economic activity.

The extent of the Victorian racing industry's community engagement was also measured in the report. It identified 630 organisations and charities that are assisted financially by racing clubs, while 430 community organisations share race club facilities.

Charitable organisations supported by racing include the National Jockeys Trust, McGrath Foundation, Royal Children's Hospital, emergency services and disability support groups.

Other highlights of the report include:

• 1.8 million attendees at racecourses throughout the year;

• 2,024 race meetings held;

• 18,974 races run;

• 22,736 horses and greyhounds in training; and

• 71,848 owners and syndicate members.

The Size and Scope Study was a joint investment between the Coalition Government, Racing Victoria, Country Racing Victoria, Harness Racing Victoria and Greyhound Racing Victoria.

Harness Racing Victoria Chief Executive John Anderson said “harness racing is very much a part of Victoria's social fabric - particularly in rural and regional Victoria.

"Across the State of Victoria, 4,000 people are employed in the sport adding $400 million annually to the economy. But it's more than that. Harness racing is an affordable way for the whole family to actively participate in the racing industry.”

Dr Napthine added that the Victorian Government was committed to growing the racing industry, particularly through its $80 million Victorian Racing Industry Fund (VRIF).

He concluded "the VRIF helps grow the industry through the building of new racing infrastructure, the enhancement of integrity measures, support for the breeding industry and the marketing of racing to new audiences.”

IER is a leading strategic consulting business.

Click here to view the report.

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