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Report Reveals Impact Of VIC Racing Industry
The Victorian racing industry has grown by 33 per cent and contributed more than $2.8 billion to the state's economy since 2006, according to a report unveiled by Premier and Minister for Racing Denis Napthine on Tuesday. Racing Victoria Chief Executive, Bernard Saundry, said the Size and Scope report reinforced that racing continues to play an important role in the state's sporting and social calendar and is an industry that is a significant asset for Victoria. "This report provides a detailed analysis of the thoroughbred racing industry in Victoria and it demonstrates that the impact of the industry extends well beyond that seen on the racetrack," Mr Saundry said. "Racing continues to be an exciting and strongly supported sport. It is an integral part of the sporting life and cultural traditions of people across metropolitan, regional and country Victoria." He added, "Importantly, thoroughbred racing continues to be a major employer in Victoria and is an industry which makes a significant contribution to the state's economy." The report, a study into the social and economic impact of the three racing codes in Victoria, reveals the Victorian thoroughbred racing industry:
- Generates nearly $2.1 billion in value for the Victorian economy (up 31% from 2006)
- Sustains the employment of 19,600 full time equivalent jobs for Victorians (up 32% from 2006)
- Generates more than $1.5 billion in spending – this incorporates both breeding and preparation of racehorses as well as on-and off-course customer expenditure. Nearly half of this spending occurs in regional parts of the state.
- Generates more than $483 million in total customer expenditure (incorporating both on-course and non-raceday expenditure)