The Andrews Labor Government will keep Victorian racing strong by bolstering the Victorian Racing Industry Fund (VRIF), investing $86 million in racing and training venues across the State.
The funding boost was confirmed in a statement following the release of the 2015-16 Victorian Budget this week. It includes $72 million in new funding, and $14 million unspent since the Fund commenced.
The VRIF is derived from unclaimed wagering dividends and on-course wagering taxes from Tabcorp.
“Victoria’s racing industry has a strong future under the Andrews Labor Government,” Minister for Racing, Martin Pakula, said. “VRIF increases will stimulate industry growth and improvements at racing and training venues, support measures for industry participants, promote Victoria’s breeding industry, enhance animal welfare and integrity assurance programs plus crucial upgrades for our country tracks.”
The VRIF also supports a Raceday Attraction Program (RAP) to assist the Victorian racing industry in building attendance and participation in feature racedays that support local economies, promote tourism and grow participation in the industry.
Thoroughbred Breeders Victoria President James O’Brien voiced the association’s endorsement of the renewal of VRIF by the Andrews Labor Government. “The commitment to continue to support the breeding industry through incentive programs such as VOBIS Gold recognises the economic benefits breeders bring to Victoria.
“We look forward to working with the Minister to ensure the VRIF leverages maximum benefits for the industry and stimulates demand for Victorian bred horses.”