The Victorian thoroughbred racing industry generates nearly $2.1 billion for the Victorian economy and engages close to 72,000 people as an employee, volunteer or participant, according to a report released today by the State Government of Victoria.

Unveiled by Premier and Minister for Racing Denis Napthine, the Size and Scope of the Victorian Racing Industry incorporates the three codes of racing – thoroughbred, harness and greyhound – and was developed by leading strategic consulting business IER.

A thoroughbred-specific version of the report demonstrates the impact the state’s 71 racing clubs and more than 500 annual race meetings has on the economy and social fabric of metropolitan, regional and country Victoria.

It reveals, as an economic contributor, 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).

Racing Victoria Chief Executive, Bernard Saundry, said the Size and Scope report reiterated 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.