LOCAL Kempsey horse trainer Barry 'Redback' Ratcliff believes the NSW government’s decision to finally cut horse racing wagering taxes will improve country racing in Kempsey and across the state.
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The current NSW government tax rate is $3.22 for every $100 wagered, however, from January 1 next year, the NSW Government will cut its tax rate to $2.83 and this figure will continue to be reduced until it reaches $1.28 in 2020.
NSW Deputy Premier and Minister for Racing Troy Grant said in June that the changes made in the state budget were needed to ensure the racing industry thrived in NSW.
“The industry is worth $3.3 billion per year to NSW and employs almost 56,000 people. We want to secure its future for the economy and the race-going public,” Mr Grant said.
In October last year, Mr Ratcliff told the Macleay Argus if changes to the tax rate and prizemoney takings didn’t significantly increase, it would be the death nail for NSW country racing.
“I would say in the last year at least 100 trainers in country NSW have just given it away because they can’t afford to keep a horse,” Mr Ratcliff said.
“Racing NSW need to lower taxes to increase the prizemoney or otherwise, I believe, there won’t be any industry to talk of in just a few short years.”
However, now with changes taking place and the wagering taxes dropping from $3.22 for every $100 wagered to $1.28 by 2020, Mr Ratcliff said the changes should be good for country racing.
“It will be very good for country racing as long as it goes towards fixing up the country tracks,” Mr Ratcliff said.
“We can cope with small meets but as soon as there is a bigger meet it can become quite difficult because of the facilities.
“A number of tracks around the traps are being redeveloped and upgraded and it would be good to see some of that come our way to Kempsey to upgrade the track and facilities.
“The money raised by the tax changes should flow back into the industry and it will create jobs because if there is more money in the game people should be able to afford to train and own more horses."
Despite the changes to the horse racing wagering tax, the NSW government is yet to announce any increases in prizemoney.
Sydney racing currently boasts a minimum Saturday prizemoney of $85,000 per race, provincials $22,00 and country $15,000 which is spread across the winners and place getters. However, raising the stakes in prizemoney is not certain despite the state government’s changes to horse racing wagering taxation.
“A win in Sydney far out ways a win in the country,” Mr Ratcliff said.
“We are only getting approximately $8200 a win, while a win in Sydney gets approximately $12,000, which is a hell of a difference. Even though races in Sydney get more, it’s still not enough.”
