Rt Hon Winston Peters
Minister for Racing

10 May 2007

Safety fund, wider write-down rules for racing

An annual $1 million fund to improve racecourse facilities, and an extension of the accelerated bloodstock write-down rules are included in Budget 2007, Racing Minister Winston Peters announced today.

"The poor state of facilities at many racecourses is of great concern, and is one of the most pressing issues currently facing the industry," Mr Peters said.

“The new fund will support, dollar-for-dollar, successful applicants planning projects that enhance safety and raise the quality of facilities at racecourses.

"This will bolster racing’s economic performance by reducing the number and seriousness of racing-related accidents, and by helping to cut the number of meetings that are disrupted or abandoned due to unsafe tracks.

"It will also make a day at the races a more enjoyable experience for everyone, and encourages greater use of race courses for other events between meetings.

"Racing clubs and other industry organisations will receive further details before the fund opened for applications.

"Budget 2007 also extends the popular new accelerated bloodstock write-down rates introduced last year to raise investment in the breeding industry. Those rates will now apply to overseas-owned bloodstock previously in production in New Zealand.

"This will encourage racehorse breeders to purchase successful shuttle stallions, which in turn will strengthen the quality of New Zealand-owned and controlled bloodstock,” Mr Peters said.

ENDS

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