Point of Consumption revenue to support racing, sport and health
Racing infrastructure, and key community programs like the gambling help line, emergency helicopter services and kids’ sports will benefit from funding from revenue generated by changes to taxes on large betting operators.
Deputy Premier Jackie Trad today announced that additional Point of Consumption revenue would be used to provided significant funding boosts that benefit communities across Queensland.
“Thousands of Queenslanders will place bets today – on the AFL Grand Final, on horse races and countless other sporting events,” Ms Trad said.
“Until now, large wagering companies paid tax where their headquarters are located, rather than where bets are placed.
“Thanks to our changes, the money people bet in Queensland will come back to Queensland and will be reinvested in Queensland communities.
“Racing Queensland will receive a $20 million grant this financial year to be used on two new racing facilities, as well as additional financial support to ensure that there’s no negative impact on Queensland’s racing industry.
“As part of this package we will also forgive $17.8 million of debt owed to the Queensland Government by Racing Queensland, putting them in a better financial position to keep growing this important industry.
“The funding will also be used to provide over $7 million annually to support Queensland’s Emergency Helicopter Network - delivering care when Queenslanders need it most.
“$5 million each year will be dedicated to provide support for problem gamblers and their families.
“$2.5 million will also be invested in new funding for community sport this financial year, giving more children and young people the chance to ‘Get in the Game’.
Racing Minister Stirling Hinchliffe said a significant portion of the revenue would be directed to the State’s racing industry, including new greyhound and harness racing facilities.
“We have also ensured protection for small bookmakers, meaning on-track local bookies will be largely unaffected,” Mr Hinchliffe said.
“We know that country racing is the lifeblood of country towns, which is why we have committed more than $70 million over four years to country racing.
“We have also provided, through the Racing Infrastructure Fund, $120.2 million for the period from 2014 to 2023.
“This funding supports racing infrastructure projects prioritised by Racing Queensland, including capital works for Eagle Farm, Doomben and Bundamba, and the country and regional capital works program.”
The Point of Consumption initiative was an election commitment from the Palaszczuk Government and comes into effect on 1 October 2018.