Labor wants to see a strong, vibrant racing industry in Tasmania.
We would immediately introduce a point of consumption tax on wagering revenue and commission an independent review of Tasmania’s racing industry.
The wagering tax has the capacity to put the racing industry on a more sustainable footing. The review would make sure that the public money spent on racing in Tasmania is delivering the best possible outcomes in terms of employment and economic activity.
In simple terms, we need to make sure that money is going as far as it should.
It’s been a tough four years for racing in Tasmania after the Liberals reneged on an election promise and instead of increasing stakes money, initially cutting stakes by a massive 13 per cent across the codes.
It’s Labor’s intention to fund a sustainable way to restore the funding deed broken by the Liberals.
That decision left racing on the back foot, struggling to reasonably compete with racing interstate.
And infrastructure challenges, including the Hobart track, have tested the industry’s resilience and highlighted workplace safety concerns.
In 2015, a Working Group established by the Minister put forward a series of recommendations that the Government largely ignored.
A Labor Government would revisit those recommendations in the context of commissioning a thorough and independent review of Tasmania’s racing industry.
The review would be a warts and all look at the state of racing in Tasmania with a view to improving its sustainability and creating secure full-time jobs in the industry.
The introduction of a point of consumption tax on internet wagering gives Tasmanian racing a chance to become more sustainable and competitive with other jurisdictions.
- A point of consumption tax on wagering
- Labor committed to a 15 per cent point of consumption tax in November last year
- The tax would be on the Net Wagering Revenue of companies offering betting services to Tasmania
- South Australia introduced the same tax in July 2017 and other states are expected to do the same
- Based on the same tax in other jurisdictions, the tax is predicted to raise between $3-10 million each year
- A point of consumption tax means Tasmania gets a fairer return from wagering on racing
A comprehensive independent review of racing in Tasmania in the first year of a Labor government
The review would include:
- the role and functions of TasRacing, the state of Tasmania’s racing infrastructure and the capacity to fund new and improved facilities going forward and the future role for racing clubs
- the options for ensuring the current level of stakes money is maintained in real terms
- the development of policies to ensure the local breeding industry is returned to a growth path as an agricultural pursuit
- initiatives recommended by the review and the review itself would be funded using revenue raised by Labor’s point of consumption tax on internet wagering
- the review would cover the recommendations presented to government by the Minister’s Working Group in 2015 that the Liberals have failed to act on