As the new Minister for Racing I'm delighted to be a part of this industry during such an exciting time. Racing continues to thrive in Victoria with record numbers attending recent Spring Carnivals and attendances at country meetings for all codes continuing to grow.

For bookmakers the upward trend continues with turnover up in the last year and new opportunities available for bookmakers - thanks to a number of reforms introduced by the Bracks Government.

Since coming to office, the Bracks Government has committed itself to securing the long term viability of bookmakers in this state and reforms have been introduced to ensure that bookies remain a fundamental part of the racing experience.

From July 2000 the bookmakers' turnover tax was replaced with a levy, which is remitted direct to the industry. The tremendous advantage of the levy is that it encourages the clubs to provide greater support to bookmakers.

A bookmaker development fund was also established at this time. The development fund receives a percentage of the levy. The purpose of the fund is to advance the bookmaking profession generally. To date, funds have been used to promote the conversion by bookmakers from imperial odds display to decimal odds display.

The move from imperial odds to decimal odds was another positive change for bookies designed to attract new clients, and in particular younger people who have grown up in the decimal age.

The phased reduction of the minimum telephone betting limits since July 2001 is another reform designed to increase
bookmaker turnover opportunities. By reducing the limit, small time punters who are unable to make it to the track have been provided with an alternative to betting with TABCORP. The limit continues to reduce and will cease to apply from July 2004.

During 2002 the State Government introduced a further package of reforms intended to make bookmakers more competitive and increase business opportunities. These reforms included a process to enable the introduction of bookmaking partnerships and limited corporations and an extension of the time during which bookmakers can conduct
bookmaking at racecourses.

These reforms have been received enthusiastically by the bookmaking profession.

Turnover has increased significantly and the future for bookmakers in this State is looking the best it has for at least a couple of decades.

As well as these specific initiatives aimed at bookmakers a number of other key developments have been undertaken by the government to ensure the ongoing success and competitiveness of Victorian racing. These have included a study on the welfare of jockeys, supporting the development of a strategic plan for the thoroughbred breeding sector in Victoria and the commissioning of Horse Alert Victoria, an operational plan for the management of outbreaks of equine disease in Victoria.

It is this kind of commitment and contribution to racing in Victoria that continues to supplement and boost a remarkable industry that we all enjoy. The commitment of Victorian bookmakers was obvious during my time as Shadow Minister for Racing and I look forward to meeting you all and becoming re-acquainted with those of you who I have worked with in the past.

JOHN PANDAZOPOULOS MP
Minister for Racing