A study that will identify the economic benefits generated by the Tasmanian racing industry across the thoroughbred, harness and greyhound codes will be undertaken as part of Tasracing’s broader review of industry sustainability.
Tasracing has appointed IER Pty Limited to undertake the work, an independent consulting firm that specialises in economic and social impact studies.
Tasracing chief executive officer Dr Eliot Forbes said IER was appointed after a proposal process involving three firms.
“IER has completed many of the recent relevant economic and social impact studies at a national and state level and have a solid understanding of the racing industry,” he said.
“Assistance will be required from racing industry participants to provide information. Tasracing will assist to compile and validate the information.”
Dr Forbes said industry consultation that formed part of Tasracing’s sustainability review, which commenced last year, had confirmed the need to undertake the economic impact study work.
The Tasmanian Government provides the racing industry with $28 million, indexed annually, under a 20-year funding deed.
IER partner Paul Limoli said the report would establish the benefit of the government’s contribution under the deed.
“We will model the industry’s contribution to Gross State Product, employment and incomes, including the flow-on effects to other industries down the line,” he said.
Dr Forbes said IER had commenced its work and a report was expected to be available by September this year (2013) and the final report would be a key component of Tasracing’s sustainability review.