Labor’s betting tax could spell ruin for racing

25 Sep 2018 12:53 PMJohn-Paul Langbroek

The Palaszczuk Government’s new 15 per cent betting tax is set to deliver a body blow to Queensland’s struggling racing industry, the LNP warned today.

With the tax due to be implemented on October 1, LNP Deputy Leader and Shadow Treasurer Tim Mander said it was staggering the industry still didn’t know how much revenue – if any – it would receive from the Queensland Treasury.

The betting tax, which will be passed on to hundreds of thousands of punters, was announced 48 hours before the last state election and after the political advertising blackout began.

“Labor’s 15 per cent betting tax will be the highest in Australia and will suck $100 million a year from the pockets of ordinary punters,” Mr Mander said.

“That’s $70 million more a year than voters were told before polling day.

“Queensland’s racing industry is already struggling, with prize money and infrastructure spending well below that in of New South Wales and Victoria.

“Annastacia Palaszczuk’s latest tax could be the final blow for an industry that directly employs almost 10,000 people across Queensland.

“Queensland racing should be leading the field, but we’re fading fast thanks to Labor.”

More than 41,000 Queenslanders are involved in racing, either as employees, participants or volunteers. The industry is worth $1.2 billion a year, almost half of which benefits regional areas.

“Racing desperately needs to know how much, if any, of the betting tax will go back to the industry,” said Shadow Racing Minister John-Paul Langbroek.

“Will this be another waste tax – with most of the money going straight to government?

“It’s time this grasping Labor Government came clean on it plans for racing.”

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