Western Australian racing is riding high with increased funding, investment in race clubs and prize money doubled for the historic Gr.2 Perth Cup (2400m).
The traditional New Year’s Day race will soar in value from $500,000 to $1 million to get 2024 off to a flying start.
Racing and Wagering Western Australia Chief Executive Officer Ian Edwards announced a funding uplift of close to $11 million across the thoroughbred, harness and greyhound racing codes.
$5.7 million has been added to thoroughbred prize money and a further $1 million added to the trainers’ subsidy paid on a per starter basis.
“A highlight this year is the boost for the Perth Cup, which first ran in 1887 and has a cherished place in WA history,” Edwards said.
“It’s time for our favourite New Year’s Day event to regain the status it deserves.”
Total funding of more than $215 million will be distributed across the three codes in the 2023/24 financial year.
“Despite the economic headwinds we are currently facing, WA racing is holding its ground and we are fulfilling our commitment to provide a significant increase in funding for the year ahead,” Edwards said.
“On top of this funding, an extra sum of almost $9 million will go to infrastructure projects at racetracks across the state.
“We are setting a new record again this year with $215 million of funding for the racing industry in Western Australia.
“As one of the state’s biggest employers, a strong racing sector is good for both the Western Australian economy and our community.
“Racing contributes more than $1.3 billion to the WA economy annually and generates more than 10,000 full time jobs.
“As we move into uncertain times, careful financial management remains essential to meet new challenges and continue making an important contribution to our state.”
