Cover image courtesy of Racing Queensland
The value of racing is often measured in winners, prizemoney and race-day crowds, but two new independent reports have highlighted a much broader financial and economic story.
Across Victoria and Queensland, racing continues to play a significant role as an economic contributor, employer and community asset, with the latest Size and Scope reports for the Queensland Racing Industry and the Victorian Racing Industry revealing the scale of an industry that extends well beyond the racetrack.
Prepared independently by specialist consultancy IER, the reports found the three racing codes generated a combined value-added contribution of more than $8 billion during 2024/25, with Victoria accounting for $5.54 billion and Queensland contributing more than $2.5 billion.
The findings provide a snapshot of racing’s position across two of Australia’s largest racing states, highlighting the role the industry plays in supporting employment, regional economies and thousands of people connected to the sport.
A significant economic footprint
Victoria’s racing industry has continued to grow strongly, with its contribution increasing by 18% from the previous benchmark study in 2018/19, rising from $4.7 billion to $5.54 billion.
The report found the Victorian industry supports 33,456 full-time equivalent jobs, including almost 15,800 positions directly within racing and more than 17,700 roles supported through associated industries.
Victorian Racing Minister Anthony Carbines said the latest figures demonstrated the scale of racing’s contribution across the state.
“Victoria is the racing capital of Australia, and this record $5.5 billion contribution shows the strength, scale and impact of an industry that creates jobs, supports businesses and powers our economy,” Carbines said.
Anthony Carbines | Image courtesy of Anthony Carbines
Queensland has also recorded significant growth, with the state’s racing industry delivering a 104% increase in value-added contribution since the Fiscal Year 2016 (FY16).
The latest figures show Queensland racing supports 13,994 full-time equivalent positions, representing a 47% increase over the past decade.
Queensland Racing Minister Tim Mander said the figures reinforced the importance of racing to the state’s economy and workforce.
“Supporting 14,000 full-time jobs whilst contributing more than $2.5 billion in annual contribution to the state’s economy underpins the vital importance of the racing industry statewide,” Mander said.
Tim Mander | Image courtesy of Tim Mander
Regional communities remain at the heart
While the headline figures highlight racing’s economic scale, both reports also reinforced the importance of the industry outside major metropolitan centres.
In Victoria, 46% of the industry’s economic contribution is generated in country areas, with 65% of direct expenditure occurring outside metropolitan Melbourne.
Queensland’s racing industry has an equally strong regional presence, with more than half of its economic contribution delivered in regional hubs where clubs provide employment, attract visitors and support local businesses.
The Queensland report noted the industry stages almost 280 races across 30 meetings each week throughout the state, underlining the widespread reach of racing.
Racing Victoria chief executive Aaron Morrison said the findings reflected the broader role racing plays throughout Victorian communities.
Aaron Morrison | Image courtesy of Racing Victoria
“The report findings reinforce that racing is much more than a sport – it is a major contributor to Victoria’s economy, a significant employer and an important part of communities right across the state,” Morrison said.
More than an industry
Beyond economic measures, the reports highlighted the depth of participation and community engagement connected to racing.
The Victorian report found almost 100,000 people are involved in the industry through employment, volunteering and participation, with close to 80% based in regional areas.
It also revealed the broader social contribution of racing clubs, with more than 560 not-for-profit organisations using club facilities, almost 1,000 charities supported by clubs and the three racing codes collectively raising almost $5 million annually for local groups.
Queensland’s report identified almost 48,700 people involved across the industry, including trainers, breeders, owners, jockeys, drivers, stablehands, employees and volunteers.
The state also recorded more than 750,000 race meeting attendances during FY25, with around three-quarters of those attendances occurring outside Brisbane.
Thoroughbred racing remained Queensland’s largest contributor, accounting for $1.93 billion of the industry’s economic impact, ahead of greyhound racing at $348.4 million and harness racing at $222.9 million.
A continuing national story
Racing’s economic and community contribution continues to be demonstrated across Australia, with state-based Size and Scope reports providing insight into the industry’s role beyond race day.
For Victoria and Queensland, the latest findings underline an industry supported by participants, businesses, clubs and communities, one that continues to create employment, drive regional activity and connect people through a shared passion for racing.
Racing Queensland chairman Matt McGrath said the report reflected the commitment of participants throughout the state while highlighting the importance of a sustainable future for the industry.
Matt McGrath | Image courtesy of Australian Turf Club
“This latest report highlights the importance of racing from both an economic and social perspective, especially in our regions where more than half of the industry’s economic contribution is realised,” McGrath said.
