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Vic Govt Budget Gives Racing $79.5m Over 4 Years
Earlier yesterday, Victorian Racing Minister Denis Napthine announced the Coalition Government "will provide the Victorian racing industry with up to $79.5 million over 4 years through the 2011-12 Victorian Budget to help it grow & continue its enormous economic contribution to Victoria". Napthine said the establishment of the Victorian Racing Industry Fund (through which unclaimed wagering dividends & on-course wagering taxes will be returned to the racing industry) "delivered a key Coalition Government commitment". Napthine noted "a key focus of VRIF would be to increase on-course attendance at Victorian racetracks. The Coalition Government will work with racing's controlling bodies & racing clubs to develop & implement exciting ideas to encourage greater patron numbers at all racing meetings, not just Cup meetings & feature races." Napthine added: "Racing is a major economic driver for Victoria, generating more than $2 billion annually & employing more than 70,000 Victorians. More than 2/3 of all racing participants reside in regional Victoria & more than 55% of all economic & employment impacts are also generated in regional Victoria."