$200 million Racing Future Fund locked in through Queensland budget

The Queensland budget has unveiled further details of the $200 million Racing Future Fund which is set to underpin a major infrastructure program administered by Racing Queensland.

The $200 million, which is set to fund projects such as the redevelopment of Eagle Farm as well as a new headquarters for racing, plus new harness facilities at Marburg and Toowoomba and a greyhound track at Bundaberg, was promised when The Next Lap was announced by then racing minister Tim Mander last December.

In the budget, $100 million of the $200 million is included as part of the 2026-27 budget measures, with the remainder included as capital grants.

The existence of the two identical amounts of $100 million did cause some confusion among racing executives and participants, but representatives of the Crisafulli government confirmed to The Straight that the full $200 million will be delivered to Racing Queensland in the upcoming financial year.

“We’re delivering new, modern infrastructure for the racing industry under the Racing Future Fund, which includes a $25 million investment to begin work on new spectator facilities at Queensland’s premier racecourse, Eagle Farm,” the budget statement said.

“Infrastructure improvements will be delivered across all three codes, including a new Racing HQ at Albion Park, new harness infrastructure at Marburg and Toowoomba, new lights for the Toowoomba Turf Club and a new track for Bundaberg greyhounds.”

The $25 million for Eagle Farm will cover the demolition of the soon-to-be condemned John Power Stand plus other works across the racecourse. A replacement stand will cost at least $75 million and the details of that funding are still being worked out.

It is believed that the replacement stand is likely to be funded via a loan from the Future Fund which will then be repaid by the Brisbane Racing Club. The initial $25 million funding for the John Power Stand demolition was guaranteed in January, but only officially confirmed in Tuesday’s budget.

As well as $200 million for the future fund, there was also $16 million in capital grants to “support priority infrastructure projects to deliver to the growth and sustainability of the Queensland racing industry”.

Outside of those grants, racing in Queensland is funded through an 80 per cent cut of the Point Of Consumption Tax, which stands at 20 per cent, despite a concerted push to lower it to 15 per cent during the review conducted by now Racing Queensland chair Matt McGrath.

Proceeds from POCT, referred to as Betting Tax in Queensland Treasury documents, grew $10 million from $305 million to $315 million in 2025/26. That is $4 million more than was budgeted.

The forward estimates indicate Treasury expects that the betting tax proceeds will continue to grow to $324 million in the next financial year before increasing by $9 million in each of the next three years.

Those projections are more bullish than they were 12 months ago.

However, there are still those agitating for a reduction on the POCT rate, arguing that it is constricting growth in wagering. The Straight understands the Queensland government has not ruled out reviewing the tax rate in the future.

The Queensland racing industry’s connection to the government wasn’t helped by the sudden decision by racing minister Tim Mander to step aside over an investigation into an alleged electoral irregularity in May.

Andrew Powell is currently serving as acting minister for racing as well as the Olympics and Sport.