Bull: Odds on new tax will have no benefit to racing

Tuesday 23 May 2017

Odds on new tax will have no benefit to racing

Racing Minister Martin Pakula has refused to guarantee the Andrews Labor Government’s new online gambling tax will provide any benefit to the racing industry, despite wagering on Victoria’s three racing codes being the major contributor.

The 2017-18 State Budget papers state “Victoria is developing a new point of consumption tax”, which will boost state coffers from racing industry wagering (BP5, p156).

Asked in today’s Public Accounts and Estimates Committee (PAEC) hearing what the benefits back to the racing industry would be, the Minister refused to provide any detail, saying only that racing will be “no worse off”.

The Minister is always keen to talk about the economic benefits of racing to Victoria and he now needs to ensure there are returns to the racing sector and this tax is not just a general revenue cash cow.

Daniel Andrews promised Victorians there would be no new taxes, but instead Victorians have been forced to fork out for a more than 20 per cent increase with Labor’s eleven new taxes.