Economic Study Reveals Australian Racing Industry Worth $9B
An economic impact study of Australia's thoroughbred racing industry revealed it is worth $9B and "provides more than 70,000 full-time jobs," according to Brendan Cormick of THE AUSTRALIAN. The study identified the economic, employment and social contribution that the industry generates on a state and territory level -- "extending to measure metropolitan and regional outcomes." Racing Australia Chair Frances Nelson said, "Thoroughbred racing is one of Australia's oldest sports but, as this report makes clear, it is also a major economic activity contributing to national economic growth, jobs and government revenues." The study "shines a light" on the collective activities of stud farms, racing stables, race clubs and wagering portals in the season. It ran from August 1, 2016, until July 31, 2017. Almost 80,000 full-time equivalent jobs were "either directly related or created within industries that support racing" (THE AUSTRALIAN, 11/28).