The rising cost of racing – New analysis points to owners’ increasing pain

While Australia’s cost of living crisis appears to be easing, rising ownership costs continue to be a hot issue in racing. New analysis reveals how much more thoroughbred owners are forking out in 2025.

Independent analysis has revealed that thoroughbred owners with Australia’s leading stables in the two major racing states have endured significant cost rises in every single area over the past two years.

Thoroughbred accounting and business advisory firm Stable Financial has undertaken an analysis of all aspects of owner fees across 47 stables in NSW and Victoria. Among its headline figures is that the average daily training fees for top trainers have risen by nearly 8 per cent in both states since 2023.

Pre-training fees have also increased, up nearly 18 per cent among the top 10 trainers in Victoria and 12 per cent in NSW, while fees for agistment, chiropractic services, dental services, and track use have also risen.

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Average costs for Top 10 metro stables in Victoria in 2023 as compared to 2025

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The data supports concerns raised by racehorse owners about the surge in costs associated with racing thoroughbreds. Those cost rises have been cited as a cause for owners seeking to reduce their shareholdings in horses or exit horse ownership completely.

Leading trainers have attributed the increase in charges they pass on to owners to their own rise in the cost of doing business.

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Average costs for Top 10 metro stables in NSW in 2023 as compared to 2025

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While the daily cost of training fees for a top 10 trainer in NSW at $147.54 is higher than in Victoria, where it has jumped to $142.36, it is now more expensive to pre-train a horse with a top 10 stable in Victoria, with costs rising to $106.48 per day as compared to $101.67 across the border.

The average daily agistment cost among top 10 trainers is higher in NSW – $44.53 to $40.29, as are chiropractor costs ($106.18 to $100.97) and track use fees ($8.42 to $5.70). Dental treatment costs among top stables is more expensive in Victoria ($87.56) than NSW ($80.92).

While NSW is more expensive for those top 10 trainers in four of the six categories, outside of that top 10, ownership is more expensive in Victoria.

Training fees, agistment, pre-training, dental and chiropractic work all cost more on average than they do in NSW, with only the track fees more expensive north of the Murray.

The average daily cost of training fees for a Victorian trainer outside the top 10 is $126.06, slightly more than the $126.03 in NSW. But there is a significantly higher average cost of pre-training of $103.32 to $96.09.

Owners of Victorian horses trained by stables who are outside the top 10 have endured a rise in every category listed above since 2023.

However, in NSW the cost of ownership for those lower-profile trainers has reduced in three key categories, daily fees, pre-training fees and chiro fees, over the past two years.

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Comparative costs of Top 10 stables in Victoria and New South Wales

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Stable Financial, which looked at costs from 28 stables in Victoria and 19 in NSW also looked at the rising expense of staffing.

Stables in the two states account for this slightly differently, but the average rate charged for staff attendance for Monday-Saturday meetings in Victoria is now $177 for a top 10 trainer and $152 for other trainers. In NSW, the cost for metro attendance is $170 for the top trainers and $153 for other stables.

Staff attendance costs for NSW country meetings skyrocketed to $241 for the top 10 trainers and $200 for others, while staff attendances for trials are significantly higher in NSW than they are in Victoria.

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Comparative costs of Non-Top 10 stables in Victoria and New South Wales

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The report also examined WorkCover premiums in Victoria, which have increased by 74.6 per cent since 2017. What is interesting is that while from 2018 to 2022, premiums for trainers rose at a lower rate than those who work on thoroughbred farms, since that point stable premiums have risen at a much faster rate.

“Thoroughbred businesses in Victoria are facing a significant financial challenge as WorkCover premiums continue to rise,” the report said.

“In recent years, premiums have escalated, placing additional strain on trainers’ cash flow and operational budgets. For many businesses, these increasing costs make it harder to remain competitive, invest in their staff, and maintain the high standards required in racing.”