While "most racing jurisdictions around Australia are planning on prize money rises, the perilous position of Queensland Racing may find that state poised to slash stake money," according to Patrick Bartley of THE AGE. Queensland racing "has been rocked by revelations" that its galloping industry is facing a A$28M ($20.7M) loss. The "huge loss is certain to cut into daily prize money across the state," a situation "rarely seen" since the inception of the TAB in the '60s. Racing Minister Bill Byrne said that he had "no inkling" of any issues until accounting firm KPMG was sent in. Byrne: "I was completely unaware of the financial issues facing Racing Queensland." The Crime & Corruption Commission has "also been called in to investigate four people over matters involving Racing Queensland." Byrne, however, "would not expand on the commission's investigation." Interim Racing Queensland CEO Ian Hall said that 61% of the body's revenue was spent on prize money. It "would now begin consultation with the industry on how it addressed the issues" (THE AGE, 7/16).
