The Victorian Racing Industry (VRI) generates nearly $4.7 billion in real gross value to the Victorian economy according to an independent report into the scope of the Victorian Racing Industry.
The comprehensive report, commissioned by the Victorian Racing Industry, encompasses the thoroughbred, harness and greyhound racing industries in Victoria – and was developed by leading strategic consulting business IER. The study, using racing industry data from the 2018/19 racing season also suggests the industry supports an enormous 147,952 jobs.
The release of the latest Size and Scope Report confirms that the racing industry continues to play a crucial role to the state’s economy with impacts extending well beyond those seen at the racetrack,” said Racing Victoria (RV) Chairman Brian Kruger.
In detailing the contribution of the Victorian Racing Industry to the state, the report found;
- Revenue generated by the Victorian Racing Industry has more than doubled in the past decade with a hefty increase from $2.1 billion in2004-05 to $4.7 billion in 2018-19.
- Racing is responsible for generating nearly $3.2 billion in expenditure in Victoria.
- Regional Victoria is amongst the greatest beneficiaries of racing, with more than half (52%) of the revenue attributed to regional areas.
- The Victorian Racing Industry supports over 21,700 individuals through direct employment with an additional 26,855 people employed in support industries; The industry further engages over 99,100 individuals who participate in the racing industry including trainers, breeders and owners.
The report also demonstrated that the Victorian Racing Industry is beneficial to the community with more than 650 community and not-for-profit organisations sharing racing club facilities. It also showed that a third of Victorian racing clubs share their facilities with education institutions and, through direct fundraising, support as many as 1,200 charitable organisations each year.
“These figures highlight the economic and social importance of the Victorian Racing Industry in both metropolitan and regional areas,” said Mr Kruger.