The Racing Industry Transition Agency (RITA) today advised New Zealand racing codes of forecasted funding in 2020/21 of
$139.6m which is the same level as was budgeted for the 2019/2020 season before the impacts of COVID19. This is despite
fewer thoroughbred and harness races planned for the upcoming season.
RITA Executive Chair Dean McKenzie said the business and the Codes had responded swiftly to the impact of COVID19 by
taking decisive action to stabilise the industry and retain funding for next season at proposed 2019/20 levels.
"Despite the significant impact of COVID19 on the TAB's business, major steps taken to reduce operating costs, the
contributions from the repeal of the betting levy and the introduction of Betting Information User Charges, and
crucially the Government's support to kick-start the resumption of racing provided confidence for the RITA Board to
approve the organisation's budget and racing code funding for the forthcoming financial year at its meeting this week.
"The changes made to the TAB's business, as well as the levers now passed into law through the passing of the Racing
Industry Bill yesterday, will ensure the industry can start preparing for a new year of racing confident of positive
stakes levels."
The funding estimate remains subject to confirmation of the 2020/21 Dates Calendar. Further details of the
organisation's budget will be provided in the organisation's Statement of Intent which will be developed following the
establishment of TAB NZ on 1 August 2020.