Victorian Racing's Stunning Contribution Revealed

THE profound contribution the Victorian racing industry makes to the state economy has been laid bare in an independent report released on Monday.

It's been revealed that the industry generates nearly $4.7 billion of value to the Victorian economy with the three codes – thoroughbred, harness and greyhound racing – responsible for 147,952 jobs via employment and participants.

Developed by leading strategic consulting business IER, the report provides a fascinating insight into the uplift of the Victorian racing industry, four years on from the previous assessment in 2018.

Some of the key findings include;

* In 2004-05, the racing industry generated $2.1 billion while in 2018-19 this had increased to $4.7 billion – an uplift of 123 per cent

 * The racing industry is a major supporter of regional Victoria with more than 52 per cent of the $4.7 billion value added occurring in regional areas

* Racing supports over 21,700 individuals via direct employment in the VRI, while another 26,855 people are employed in support industries

* Engages over 99,100 individuals who participate in the racing industry – as either a trainer, breeder, volunteer or owner; and is responsible for generating nearly $3.2 billion in expenditure in Victoria, 65 percent of which is in regional areas.

Racing Victoria Chairman Brian Kruger said the release of the report further supports the significant role the racing industry plays in the state landscape.

"The release of the report confirms that the racing industry continues to play a crucial role to the state's economy with impacts extending well beyond those seen at the racetrack," Kruger said.

"The lifeblood of racing is our people, and we are proud that 147,952 people are involved in or supported by the industry with racing continuing to be a major employer in Victoria.

"These figures highlight the economic and social importance of the Victorian Racing Industry in both metropolitan and regional areas, and we are committed to seeing racing in this state continue to grow and prosper."

While the report exhibits the enormous economic contribution the industry makes, generating more than $501 million in state taxes, it also showcases the vital role the three codes make to the community.

More than 650 community and not-for-profit organisations share race club facilities in Victoria, with over 1200 charitable organisations supported by the racing industry each year.

Greyhound Racing Victoria (GRV) Chair Peita Duncan said that the greyhound industry was proud of the ongoing investment it makes to the wider Victorian community.

"As the largest greyhound jurisdiction in the world we are proud of our contribution to, and engagement with, the many communities and businesses we continue to support throughout the state," Duncan said.  

"Through our participants and our 13 clubs, not only do we deliver direct economic benefits, we are also an integral part of the local communities contributing to social causes, grassroots sports and service clubs."

It was a sentiment shared by Harness Racing Victoria (HRV) Chairman Dale Monteith.

"Harness Racing Victoria is immensely proud of the contribution it makes as part of the Victorian Racing Industry to the state's economy and, more broadly, within the regional communities in which we race," he said.

"HRV conducts 440 harness racing meetings across 28 racing clubs annually, reaching all parts of Victoria, providing significant employment and contributing to local economies within those areas. 

"Harness racing clubs, like our friends in greyhounds and thoroughbreds, are a major part of the local community, hosting events and supporting charitable and grassroots causes throughout the year. We look forward to continued growth in the racing industry in the years ahead."