6 RACING AUSTRALIA ANNUAL REPORT 2022 COVID-19 Pandemic The Racing and Breeding Industry, along with the Racing Australia team, was confronted with the challenges associated with the global COVID-19 pandemic and its impact on our professional and personal lives in 2021/2022. Throughout the year, Racing Australia’s focus has continued to be: • To keep racing and breeding going. • To maintain employment within our industry of up to 75,000 full time positions. • To ensure Equine Welfare retained prominence. Through extended periods of lock down and significant disruption, the Racing Australia team delivered on the above by continuing to ensure uninterrupted services to the Australian Racing and Breeding industry nationally. Financial Results The 30 June 2022 consolidated result inclusive of depreciation, amortisation and impairment expense was a surplus of $2,184,399 compared to a deficit of ($264,168) the previous financial year 30 June 2021. Exclusive of depreciation, amortisation and impairment expense (and non-repayable grants - 30 June 2021 only) the consolidated result for 30 June 2022 was $5,653,819 versus $5,681,743 for the 30 June 2021 financial year. Overall consolidated revenue of $16,544,475 for the financial year 30 June 2022 increased by $162,089 versus consolidated revenue of $16,382,386 for the 30 June 2021 financial year. Overall exclusive consolidated expenses of $10,891,157 increased by $190,514 versus the consolidated expenses of $10,700,643 for the 30 June 2021 financial year. The impairment of the Jockey Helmets increased from ($562,500) for 30 June 2021 to ($1,500,000) for 30 June 2022, the net movement being an impairment expense of $937,500 for the 30 June 2022 financial year. Cash reserves increased from $8.342 million at 30 June 2021 to $10.495 million at 30 June 2022. Operational Ongoing investment and development of Racing Australia’s Single National System continued with a focus on supporting and enhancing the operations and priorities of the industry. This included the release of enhanced Traceability and Reporting tools, developed in conjunction with the Equine Welfare teams of the Principal Racing Authorities, to support the significant investment being made nationally on traceability and equine welfare. On behalf of the industry, Racing Australia played a leading role in consultation with government in the response to the outbreak of Japanese Encephalitis (JE) and education of the industry via the development and launch of a national JE information portal. The ongoing enhancement and expansion of Racing Australia’s Bureau Services to the industry continued with the extension, and additions, of service agreements. Amendments to Australian Rules of Racing Throughout the year the Australian Rules of Racing were amended to strengthen integrity. Some highlights include: CHIEF EXECUTIVE OFFICER’S REPORT The Racing Australia Board has committed to ensuring the company is appropriately resourced to support the Principal Racing Authorities and the wider Industry to grow thoroughbred breeding and racing.
RkJQdWJsaXNoZXIy ODA1NTI=