- Racing a prize industry for the Coast now worth $235 million a year
- Industry doubles in value to a record $2.4 billion under Labor
- Major infrastructure delivered on the Gold Coast
The Queensland racing industry’s annual contribution to the Gold Coast economy surpassed $235 million in 2022-23.
Racing Queensland has released its latest independent economic data delivered by IER – a specialist in the tourism, events and entertainment industries – which demonstrates racing contributed a record $2.4 billion towards the state’s economy in 2022-23, representing a 100% increase since Labor came to office in 2015.
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% since 2015.
While the latest figures show the overall economic contribution of Queensland racing under Labor has doubled, it also shows that remarkable growth continues to be shared across all three codes of racing:
- Thoroughbreds – rose from $959 million to $1.8 billion (+90% since 2015-16)
- Greyhounds – rose from $113 million to $344 million (+204% since 2015-16)
- Harness – rose from $142 million to $232 million (+64% since 2015-16)
On the Gold Coast, the industry was responsible for generating $235.5 million in value added contribution to the local economy in 2022-23, which represents a 150% increase since 2015.
The industry has more than 5,900 participants involved on the Gold Coast and supports over 1,750 local full-time jobs (+123% since 2015-16).
In addition, the re-development of the Gold Coast Turf Club is nearing practical completion with the installation of an all-weather Polytrack, alongside the delivery of state-of-the-art broadcast lighting, a new equine tunnel, and the refurbishment of the course proper.
The expansion of the GCTC’s stable and training facility has also been completed, as part of RQ’s strategic objective to increase stabling across the state.
Quotes As put by Racing Minister Grace Grace:
“The economic value that racing in Queensland delivers has now doubled since 2015 under the current Labor Government,” Ms Grace said.
“With more than 40 race meetings staged on the Gold Coast each year, and close to 6,000 participants driving the local industry, racing is absolutely thriving.
“The Gold Coast’s premier meeting, the Magic Millions, remains one of the standout carnivals on the international calendar, and is poised to become even bigger and better through a new night meeting in 2025.
“With more than 1,700 full-time jobs in the region, those are salaries and wages that directly benefit the Gold Coast economy.
“Racing has a bright future under the Miles Government, with a pipeline of major infrastructure projects nearing completion, supported by 80 percent of betting tax revenue being reinvested back into the industry.”
Racing Queensland Chair Steve Wilson AM:
“The IER data once again highlights how wide-ranging and impactful the racing industry’s size and scale is across Queensland,” Mr Wilson said.
“Importantly, the continued rise in value added contribution remains consistent in rural Queensland, with more than half directly benefiting regional economies.”
“The Gold Coast plays a pivotal role in our footprint, with major events no bigger than the Magic Millions showcasing everything that is great about racing in the Sunshine State.
“Our unrelenting focus on returning payments to participants including prize money – along with strategic infrastructure – has provided confidence in the industry, and in return, strong economic growth and employment figures.”
Click to see key economic changes from FY16 to FY23.
Click to see a full copy of Gold Coast’s 2022/23 Size and Scope Report.
Click to see a full copy of the 2022/23 Queensland Racing Industry Size and Scope Report.
