Racing New Zealand has welcomed today’s announcement from the Racing Industry Transition Agency (RITA) that the funding for 2020-21 will remain at $139.6m, the same level budgeted for the 2019/20 season.
The impact of COVID-19 has been felt across the industry, with an enforced lockdown period. However, the positive impact of the repeal of betting levy and the introduction of the Betting Information User Charges, along with the government’s support has provided confidence for the RITA Board to approve the budget for 2020-21.
Racing New Zealand appreciates the efforts of the Racing Minister the Rt Hon Winston Peters in this area and also his support of the Racing Industry Bill which was passed earlier this week.
RITA and the three codes undertook cost cutting and reforms over the past months which has also enabled significant savings to be made to support the proposed level of funding for the new season.
Racing New Zealand thanks the RITA Board for its work to determine funding which will allow industry participants to face the new season with confidence.
The passing of the Racing Industry Bill has also set the industry on a new course and Racing New Zealand looks forward to continuing to work closely with TAB NZ when it is established on 1 August.
Note: Racing New Zealand, which will be established under the Racing Industry Bill 2020, is a consultative forum for the racing codes.