Coalition pledges $72 million to keep Victorian Racing Industry Fund
Victoria’s Liberals and Nationals will commit $72 million to continue the Victorian Racing Industry Fund (VRIF) if they win the November 28 state election.
Both major parties are now pledged to the fund that underwrites much of the state’s racing infrastructure.
Shadow racing minister Tim McCurdy, the Nationals’ Member for Ovens Valley, announced the commitment at the Bendigo Cup on Wednesday.
The Coalition said the money would maintain capital works funding for clubs in the thoroughbred, harness and greyhound codes, helping them meet safety and compliance requirements, and that VRIF grants would continue to require dollar-for-dollar contributions from recipient clubs.
“From track upgrades and jockey facilities to improvements at regional racing venues, this commitment will help all three codes, thoroughbred, harness and greyhound racing remain safe, competitive and sustainable,” McCurdy said.
Under the fund’s Racing and Training Facilities Program, grants are made through cash co-contributions and cover up to half of the budget’s total eligible spending, so each grant brings matching club investment into those works. The government says more than $220 million has been invested through VRIF since 2014.
Labor moved first on October 1, promising up to $80 million over four years if re-elected. It described the amount as an increase on the previous $72 million allocation, which also covered four years.
Racing Minister Anthony Carbines said at the time: “An increase in VRIF means an increase in club contributions, virtually doubles the contributions to upgrade community infrastructure, upgrade our tracks, the customer experience.”
Racing Victoria chief executive Aaron Morrison cited a total rebuild of the Benalla racecourse and plastic running rail at every Victorian track as examples of projects supported by the fund.
