South Australian racing receives $24 million funding package

The South Australian racing industry has finally been given some good news with its State Government on Saturday announcing a $24 million four-year funding package.

In making the announcement, Racing Minister Corey Wingard said the Government made the $24m commitment - which includes an invaluable $8m up front - because it valued racing as a 'really important industry' that enjoyed 'a lot of upside and opportunity'.

The South Australian State Government announced its injection into the industry coffers ahead of the June 18 state budget.

Amid a host of departures by trainers to Victoria and other parts, the state's  leading trainer Tony McEvoy recently threatened to downsize his historic Barossa Valley stables in the face of the woes facing the state's industry due primarily to the lack of a rebate from the Point Of Consumption tax that other states' racing industries enjoy.

The package is for the three racing codes, which will receive an annual payment of about $4m - equivalent to 1.5 per cent of the gambling tax revenue received by the State Government - for four years.

Thoroughbred Racing SA Chairman Frances Nelson said the decision would 'restore morale in the racing industry and the state generally'.