ACT racing wants larger share of Point of Consumption Tax revenue
Canberra Racing Club chairman Les Boag has urged authorities to increase revenue allocation from the PoCT.
Australia.- Canberra Racing Club (CRC) chairman Les Boag has called for the Australian Capital Territory government to emulate South Australia’s approach and allocate a larger share of Point of Consumption Tax (PoCT) revenue to the racing industry.
From July 1, the ACT government raised the PoCT from 20 to 25 per cent, expecting an additional AU$32m. However, Boag argues that, unlike other Australian states, the ACT government does not provide any portion of the PoCT revenue back to the racing industry. He said other states and territories return between 20 to 80 per cent to support their respective racing codes. He said a lack of adequate funding has been a longstanding challenge for racing in the ACT.
A 2022 Equinox study commissioned by the CRC revealed that per capita, ACT racing receives less than half the government funding of South Australia and a third of other states. Additionally, ACT racing prizemoney lags behind New South Wales and Victoria, reaching only about a third of the latter’s funding and half of Tasmania’s.
Boag urged the ACT government to reassess its funding approach and ensure equitable support for the racing industry. He cautioned that the continuous increase of PoCT could lead wagering companies to adjust their markets and services, potentially affecting ACT’s betting landscape.
