ATA Victorian Branch – Members Update / Victoria / 10 Nov, 2010

RETURN UNCLAIMED DIVIDENDS TO RACING

The ATA has long advocated the legitimate claims of the Victorian racing industry to access unclaimed dividends held by the State Treasury to enable vital and necessary infrastructure projects to proceed.

Shortfalls in funding and revenue are often blamed for the inability of the Industry to deliver prize money increases and infrastructure projects concurrently.

And yet, if the State Government were to allow under strict guidelines and conditions, the release of unclaimed dividends to the Victorian Racing Industry for important infrastructure projects, it would enable funds to be freed up to be provided for much needed increases in prize money in both the country and metropolitan sectors. Country prize money minimums in particular have been stagnant for many years, while across the board increases in the costs of racing - transport, wages, feed, administration to name a few - have spiraled, making travelling to country meetings a very expensive exercise, with no relief from increased prize money.

The recently concluded spring racing carnival has again demonstrated the many unique benefits that the Victorian economy enjoys from a vibrant and successful racing industry.

Releasing unclaimed dividends for important infrastructure projects throughout Victoria and prize money increases can only help maintain the Victorian Racing Industry’s leadership position in Australian racing.

The incoming State Government has a unique opportunity to demonstrate support for the Victorian Racing Industry - one of the largest and most significant contributors to State revenue.