Cutting the wagering tax would help strengthen Newcastle as a key player in Australia’s racing industry.

Attending today’s Newcastle Cup at Broadmeadow – the biggest day of the year on the Hunter’s racing calendar – NSW Opposition Leader Luke Foley continued his call to the Baird Government to speed up its agreement to cut the wagering tax to bring NSW in line with other states such as Victoria. 

Currently NSW racing pays the highest state tax in the country. In January, Mr Foley proposed cutting the wagering tax rates for the NSW racing industry to bring them into parity with Victoria. 

While the Government has since announced its support for the reform, it continues to drag its feet on implementation. 

The reform would see more jobs brought into the racing industry and bolster tourism across the state for regional racing cups. 

Quotes attributable to NSW Opposition Leader Luke Foley 

“Newcastle has an important role in helping NSW become the racing capital of Australia.” 

“Bringing wagering tax rates into line with other states is the first step towards a strong and resilient racing industry in NSW.” 

“The racing industry currently employs more than 50,000 people in NSW. It is a major contributor to regional economies but it needs a boost.” 

“The Baird Government needs to pick up the pace and cut wagering tax rates to bolster the racing industry in NSW.” 

Quotes attributable to Member for Newcastle Tim Crakanthorp 

“There’s a proud history of racing in Newcastle, so it’s important we give our area the opportunity to build on that legacy into the future.” 

“With this reform and support for the racing industry Newcastle can strengthen not only its place in Australian racing but its economy too.”