IER research reports $80m economic contribution from Canberra racing industry
An independent report by IER has revealed that thoroughbred racing in the ACT was responsible for generating over $80m in direct expenditure to the ACT economy in 2022/2023 through its race days, industry activities and community events.
View the full IER independent research report HERE.
This is a tenfold return on the ACT Government’s support through the Memorandum of Understanding (MOU).
IER, who provide independent economic reporting for events and organisations such as Floraide, the Multicultural Festival, Enlighten and many more, confirmed that Thoroughbred Racing in the ACT plays an important role in the development and preservation of social and community benefits right throughout the Territory.
The report also details that the Thoroughbred Racing industry is a strong driver of employment, with Canberra’s racing industry accounting for 500 full-time equivalent local jobs over the period.
Canberra Racing Club Chief Executive Darren Pearce was buoyed but unsurprised by the strong data shared by the report.
“The Canberra Racing Club is a shop front for a significant and hardworking industry which is bigger than some may realise.” Pearce said.
“We love our horses, and their Trainers ensure they get great care from strappers to vets, farriers to equine dentists, equine nutritionists to chiropractors. There is a significant multiplier effect from every horse stabled here at Thoroughbred Park. The other big multiplier is our events and hospitality business which operates all year round.”
“This month alone, Thoroughbred Park is hosting the Canberra Stamp Show, Wine Wise, Dulux Trade Show, ACT Emergency Services Agency Family Day, Cars and Coffee, German Auto Day plus three big race days, culminating in our Hops and Hooves Festival on AFL Grand Final Day.”
“We are deeply connected to the Canberra community and contribute through employment, economic benefits, social and cultural fabric and proud to share some of this compelling data.”
These figures are highly likely to rise in 2023/2024 with over 20,000 patrons welcomed across two weekends in March 2024 with the Canberra Festival of Speed and John McGrath Auto Group Black Opal Stakes Race Day.
“We are bigger than racing.” Pearce said. “The Festival of Speed is a wonderful example of our Club’s efforts to diversify our business, add more value to the Canberra community and ultimately drive growth for the operating business.”
“We are great a supporter of Canberra, exemplified by the extensive supply and support network with strong local representation.”
“Every event we host means more jobs, more work for local service providers from uber drivers to cleaners, hotels rooms and local restaurants, and more supply for our artisan producers from bakers to brewers and more fun and connection for our community. This along with the thoroughbreds we love, give us purpose.”
“We’ve helped local charities and community groups raise hundreds of thousands of dollars through socially enriching events like the Special Children’s Christmas Party, dozens of charity race days and have directly contributed $50,000 to 12 much loved Canberra charity & community groups through the inaugural Canberra Community Chest in 2023.”
The Canberra Community Chest returns on Sunday, 24 November 2024 with the 11 charity and community partners to be announced on Tuesday, 10 September. All other eligible applicants will then enter a people’s choice award to decide the 12th and final partner.