ANNUAL REPORT 2025 Financial Year Ended 30 June 2025
2 RACING AUSTRALIA ANNUAL REPORT 2025 Photo courtesy of Inglis
RACING AUSTRALIA ANNUAL REPORT 2025 1 CONTENTS VISION • To be Australia’s favourite sport • To conduct the world’s best races • To be the world’s leading Thoroughbred Racing Industry CORE FUNCTIONS • National Rules • National Integrity • National and International Advocacy • National Coordination • National Research and Analysis • International Representation • National Black Type Management • Identify and Maximise Best Practice • National Efficiency/Back Office • Recognise and reward excellence in the industry • Communicate our role • Identify emerging issues including Animal Welfare and provide leadership via a common policy approach CORE OBJECTIVE • Leverage existing assets further and identify new commercial opportunities Board of Directors 2 About Racing Australia 4 Our Shareholders 5 Chief Executive Officer’s Report 6 Owner and Breeder Services Report 12 Equine Genetics Research Centre Report 14 Welfare And Traceability Report 16 Service Standard Performance Report 18 Racing Australia Events 24 Financial Report Directors’ Report 29 Lead Auditor’s Independence Declaration 33 Statement of Profit or Loss and Other Comprehensive Income 34 Statement of Financial Position 35 Statement of Changes of Equity 36 Statement of Cash Flows 36 Notes to the Financial Statements 37 Director’s Declaration 48 Independent Auditor’s Report 49
2 RACING AUSTRALIA ANNUAL REPORT 2025 BOARD OF DIRECTORS TIM EDDY Racing Victoria Nominated Director Appointed: 16/07/2024 Current positions • Chaimain, Racing Victoria Limited. • Non-Executive Director, Western Sydney Airport. • Chairman, The Red Fox Group. • Chairman, Rennie Advisory • Chair, BIO101. Previous positions • Managing Partner Operations – Oceania, Ernst & Young. • Global Vice Chair – Ernst & Young Global Services. Alternate Director – Aaron Morrison Appointed: 17/06/2022 Current positions • Director, Racing Queensland. • Director, Unity Water. • Director, Graham Quirk Auctions Pty Ltd. • Consultant, Grace Education and Migration. • Consultant, Honest Grace Legal. • Proprietor, Peak Plains Thoroughbreds. • Patron, Riding for the Disabled (Queensland). Previous positions • Lord Mayor of Brisbane 2011-2019. • Chairman Council of Mayors (South-East Queensland). • Oversaw the Pre-Feasibility and Full Feasibility Studies for the 2032 Olympic & Paralympic Games from 2015-2019. • Elected Representative Brisbane City Council 1985-2019. Alternate Director – Lachlan Murray GRAHAM QUIRK Racing Queensland Nominated Director PETER V’LANDYS AM Racing NSW Nominated Director Appointed: 18/12/2023 Current positions • Director, Racing New South Wales. • Chief Executive Officer, Racing New South Wales. • Chairman, Australian Rugby League Commission. • Member NSW Arts & Culture Advisory Committee. • Secretary, Racing Appeal Tribunal. • Secretary, Racing NSW Appeal Panel. • Chairman, Racing Product Committee. • Chairman, Racing NSW Animal Care and Ethics Committee. • Member, Product Supply Advisory Group. • Chairman, National Jockeys Safety Committee. • Director, RacingCorp Pty Ltd. • Chairman, Australian Racing and Equine Academy. Previous positions • Director, Racing Information Services Australia. • Executive Member, Australian Racing Board. Alternate Director – Peter Sweney
RACING AUSTRALIA ANNUAL REPORT 2025 3 BOARD OF DIRECTORS ROB RORRISON Racing SA Nominated Director Appointed: 30/04/2021 Current positions • Chairman, Racing Australia Limited. • Chairman, Racing SA Limited. • Chairman, Racing & Wagering SA Limited. • Executive Chairman, Climate Capital Pty Ltd and associated entities. • Senior Consultant, Taylor Collison Limited. • Member, Executive Council of the International Federation of Horseracing Authorities. • Member, Executive Council of the Asian Racing Federation. Previous positions • Chairman Resources Asia, Macquarie Capital Limited. • Executive Director, Macquarie Capital Limited. • Non-Executive Director, Baiyin International Investments Limited. Alternate Director – Nicholas Bawden COLIN HOLT Racing WA Nominated Director Appointed: 21/04/2022 Current positions • Director, Racing WA. • Deputy Chairperson, Western Australia Voluntary Assisted Dying Board. • Director, Western Australia Country Health Service. Previous positions • Member of the WA Legislative Council for the Southwest from 2009-2021. • Former State Government Minister Housing and Racing and Gaming. Alternate Director – David Hunter LES BOAG Thoroughbred Racing NT, Tasracing, Canberra Racing Club Nominated Director Appointed: 29/07/2025 Current positions • Chair, Canberra Racing Club. • President, Australia Indonesia Association (ACT). Previous positions • Retired Lieutenant Colonel from the Australian Army after 25 years service including Infantry command in South Vietnam, Malaysia and Australia. • Authored the First Army Computing Master Plan and at SES level led the Information Services for Australia Trade Commission for 10 years establishing their global network. • Worked on Strategic Planning and other projects for the ADF and has held positions with a range of sports organisations. Alternate Director – Darren Pearce
4 RACING AUSTRALIA ANNUAL REPORT 2025 ABOUT RACING AUSTRALIA Racing Australia Limited – The Company Racing Australia (RA) is the national body comprising Australia’s eight State and Territory Principal Racing Authorities (PRAs) which regulate the Thoroughbred racing and breeding industry. • Racing New South Wales • Racing Victoria • Racing Queensland • Racing South Australia • Racing and Wagering Western Australia • Tasracing • Thoroughbred Racing Northern Territory • Canberra Racing Club The Thoroughbred industry is one of the iconic industries of the nation with a long and proud history of achievement. As an industry, our economic contribution is around $9.5 billion with 51 per cent (or $4.8 billion) of economic activity generated in regional Australia. We provide jobs for approximately 75,000 Australians and nearly 160,000 participate in the Thoroughbred racing industry as a participant, employee or volunteer – 63 per cent of whom reside in regional areas. This includes 21,425 volunteers who assist and support racing clubs and participants. No industry or sport covers the breadth of our nation like Thoroughbred Racing. Racing Australia Limited represents the business operations for: I. The Australian Rules of Racing II. The Australian Stud Book III. The Equine Genetics Research Centre The primary functions that Racing Australia performs are based on the encouragement and promotion of horse races, which includes but is not limited to the following activities: a. conducting national consolidated Racing Materials and information services business to service the Australian horse racing industry and other users of horse Racing Materials, including: 1. a consolidated national uniform and standard system for the collection, processing, storage, dissemination and protection of Racing Materials; 2. establishing and maintaining participation in such a consolidated national uniform and standard Racing Materials system by the Principal Racing Authorities and all others integral to the successful conduct of such system; and 3. developing procedures to maximise the integrity, and minimise duplication and data cleansing costs, with respect to all Racing Materials collected, processed and disseminated in the conduct of such a system; b. adopting, administering and altering the Australian Rules of Racing and the Rules of the Australian Stud Book; c. ensuring the integrity of Thoroughbred breeding in Australia by maintaining the officially published records of Thoroughbred bloodlines in Australia in the form of the Australian Stud Book complemented by the Australian Rules of Racing; d. maintaining information regarding the ownership and identity of Thoroughbred racehorses for racing in Australia and for export including by acting as the Registrar of Racehorses complemented by the Australian Rules of Racing; e. the allocation of surplus funds by way of grants, subventions, subsidies or other financial assistance to the Principal Racing Authorities in accordance with the principles of allocation set out in the Constitution for the purposes of encouraging and promoting horse racing in each of the states and territories of Australia under the control of the Principal Racing Authorities. • Racing Australia regulates the Australian Thoroughbred Breeding and Racing Industry by the administration and emendation of the Australian Rules of Racing and the Rules of the Australian Stud Book in adherence to world’s best practice standards of integrity and animal welfare. • Racing Australia provides services to the Thoroughbred Industry and the broader Australia Horse Community via the Equine Genetics Research Centre that has three main pillars: genetic testing, integrity services, and research and development. • Racing Australia is responsible for the management of Australian Black Type races. • Racing Australia is a Software and Service company building, developing and hosting the Single National System for the Australian Thoroughbred Racing Industry. Every core transaction of the industry on a national basis is powered by the Single National System. • Racing Australia is a Bureau Services company delivering over the top of the Single National System a diverse range of services which fully manage the processing and management of industry functions. • Racing Australia is a content management and licensing company via the compilation of content, provision of systems to manage the content and the Copyright Licensing and Supply of Racing and Breeding Materials content. Racing Australia Operations
RACING AUSTRALIA ANNUAL REPORT 2025 5 OUR SHAREHOLDERS 4.5% 1% 18% 35% 35% 1% 4.5% Sydney 1% ACT Canberra Scone (EGRC) Melbourne Shareholder Breakdown % Racing Australia offices Principal Racing Authorities Racing New South Wales racingnsw.com.au Racing South Australia racingsa.com.au Racing Victoria racingvictoria.com.au Tasracing tasracing.com.au Racing Queensland racingqueensland.com.au Canberra Racing Club thoroughbredpark.com.au Racing and Wagering Western Australia racingwa.com.au Thoroughbred Racing Northern Territory trnt.org.au
6 RACING AUSTRALIA ANNUAL REPORT 2025 During the 2025 Financial Year we took the first steps in our long term plan to deliver significant improvements in systems and services for the thoroughbred racing industry. Whilst there was continuing improvements in traceability, data integrity and cyber security, Racing Australia mapped out a three step plan to deliver fit for purpose, modern systems in which all interactions are conducted fully on-line. In short the plan entails: 1. Migration of all Racing Australia systems from the onpremise data centre to the Oracle Cloud Infrastructure. 2. Rationalisation and upgrade of communications and cyber security systems. 3. Engagement of an external development partner to collaborate in the specification and build of a new system. The planned re-release of the MHR system was shelved as it became clear that it would not deliver a stable platform that could support the industry long term. During the period we have continued our focus: • To support the operations of the Thoroughbred Industry (racing and breeding) • To support the maintenance of employment within the industry • To ensure equine welfare retained prominence I take this opportunity to congratulate and thank all Racing Australia staff, especially the senior management team, who have worked hard to ensure we continue to provide uninterrupted services to the Australian Racing and Breeding Industries. FINANCIAL RESULTS The 30 June 2025 consolidated result inclusive of depreciation, amortisation and impairment expense was a surplus of $2.206 million compared to a deficit of $0.259 million the previous financial year 30 June 2024. This surplus reflects a return to standard operations following the prior year recognition of the $2.356 million impairment against the carrying value of the New Zealand development work. Exclusive of depreciation, amortisation and impairment expenses the consolidated result for 30 June 2025 was $4.895 million versus $4.667 million at 30 June 2024. Cash reserves increased from $13.416 million at 30 June 2024 to $14,889 million at 30 June 2025. OPERATIONS Racing Australia continued to invest in its internal systems and the ongoing development of systems to support the industry. Specific projects that were completed or commenced in the period targeted improvements to the stability, reliability and security of Racing Australia’s systems and, in addition to the move to the Oracle Cloud Infrastructure, included: • Finalisation of the upgrade of all core operating systems to current standards to deliver improved performance, reliability and security. • Upgrade of the core Oracle database from version 11g (no longer supported) to the current version 19c with the opportunity to migrate to the AI capable Oracle Autonomous database. CHIEF EXECUTIVE OFFICER’S REPORT During the 2024 – 2025 year, Racing Australia continued to focus on traceability, data integrity and cyber security, while setting the foundations for the modernisation and rebuild of the systems supporting the operation of the Thoroughbred Racing Industry.
RACING AUSTRALIA ANNUAL REPORT 2025 7 • Deployment of improved physical and virtual firewalls and communication links to protect Racing Australia systems (and data) from attack from hackers and data corruption/encryption fraud. • Development of updated Business Continuity and Disaster Recovery Systems plans following the move to Oracle Cloud and the deployment of improved cyber security systems that deliver fast failover from the primary Melbourne OCI site to the secondary Sydney OCI site to ensure any failures have minimal impact on the operation of racing. The steps that were taken over the 2024 – 2025 year have further solidified the base on which we effectively and efficiently manage the ongoing development of Racing Australia’s systems and set the stage for the third step in the delivery of new cloud based systems for the industry. Racing Australia undertook a review of its in-house development team work load and capabilities, identifying that whilst there was a strong skill set to maintain and enhance the existing systems we were not in a position to design and build new systems using current technology and systems. As such Racing Australia has searched for a development partner to collaborate in the development of a new system covering Stud Book, Registration and all racing systems. We anticipate making an announcement on the selection of a partner by June 2026. We have continued to work on other improvement projects that include: Mobile Application – to deliver an improved and reliable tool to allow identification of horses and update their location through a scanner linked to a mobile phone application. The application has undergone continued enhancements over the past 12 months with the inclusion of the ability to update horse identity information as well as adding last start and compatibility functions. It is currently being used by some PRA’s to undergo evaluation and acceptance for wider use in the industry. Upgraded Stable Returns – to deliver standardised and integrated reporting of horse statuses thus improving traceability. Improved integration between the Australian Stud Book, Registrar of Racehorses and SNS – a key project to deliver improved data integrity and remove impediments to the traceability of horses was successfully delivered paving the way for the replacement of the Australian Stud Book systems. Late Foal Ownership Declarations – a key project to close a gap in the traceability of the horse and to enforce the Australian Rules of Racing 285, 286, 287. Transfers in Progress – a key project for improving communications regarding the status of changes in ownership of horses. Sales House API – an ongoing project to automate the transfer of data between Racing Australia systems and the sales houses to reduce data entry requirements for changes of ownership due to sales. EAA Flags – changes have been made to facilitate EAA’s associated with named transfers and syndicate registrations as well as unnamed horses. International Form –Racing Australia is working to build automatic systems that will ingest form for International horses directly from the overseas jurisdiction. Unique Person ID – As flagged in last years report Racing Australia commenced a major project relating to the validation and verification of ASB, RoR and SNS users. This project is a critical component of standardising the access to and control of Racing Australia systems and is a necessary first step to the ultimate objective of being able to transact digitally. Over the year Racing Australia has cleaned up and validated approximately half of our ASB, RoR and SNS users. In relation to Racing Australia’s role as a source of Racing Materials to Wagering Operators and Commercial users we have signed Wholesaler Agreements with five Racing Material Wholesalers. Under the agreements the wholesalers are required to report on a monthly basis as to whom they supply Racing Materials. Racing Australia is now focussed on compliance to ensure that only authorised / licensed and approved Wagering Operators receive Australian Racing Materials. Racing Australia and the PRA’s will now be able to work more effectively with ACMA and other parties to deal with illegal Wagering Operators. WELFARE AND SAFETY As noted last year Racing Australia engaged with the PRAs to deliver a consensus position response to the Federal Government on the Australian Animal Welfare Standards and Guidelines for Livestock Land Transport. We have recently been able to review a draft standards document which appears to incorporate all Racing Australia’s feedback. At this stage we are unaware of any further developments but continue to keep a close watch on this work. In December 2022, the State Agriculture Ministers endorsed the National Horse Traceability Working Group’s recommended approach to development of a National Horse Traceability System. Racing Australia has continued involvement in this project through its role on the National Horse Traceability Implementation Taskforce. The final report was submitted to National Biosecurity Committee (NBC) at the end of March 2025. The report included Racing Australia’s position that the traceability systems in use by the Thoroughbred Industry are more than adequate and any national equine traceability system implemented should work within these existing traceability systems. Racing Australia strongly rejected any levy imposed on the Thoroughbred Industry to fund any new traceability systems. At this stage there has been no further significant movement in this area. Following the delivery of the jockey safety vests scoping report, Racing Australia commenced an investigation into actions being taken to evaluate vests in international jurisdictions. All jurisdictions investigated, with the
8 RACING AUSTRALIA ANNUAL REPORT 2025 exception of Japan, required compliance with EN 13158 and or ARB 1.1998. USA has additional standards relating to materials testing. The responses indicate that Racing Australia is predominantly in line with other International jurisdictions in relation to jockey vests standards, assessments and approval processes. RESEARCH AND DEVELOPMENT The Equine Genetics Research Centre (EGRC) continues to expand the offering to the equine industry for DNA based identification, genetic testing and disease control. The EGRC is one of only a few equine genetics laboratories internationally that offer pathogen testing alongside traditional genetic testing. The pathogen testing includes testing of pre-breeding panels and the infectious organisms that commonly cause respiratory symptoms and abortions. In May 2025, the infectious disease testing menu was expanded to include two faecal panels to identify common infectious causes of diarrhoea. These include three types of Salmonella, six types of Clostridium, Lawsonia and Cryptosporidium. This service is provided as a next business day turnaround allowing stud managers and horse owners to make timely quarantine and horse management decisions. INTERACTION WITH GOVERNMENT Racing Australia, in conjunction with the PRA’s, engaged with the Federal Government to provide positive representation on a number of issues. In relation to the 31 recommendations outlined in the Report into Online Gambling - Win Some, Lose More, Racing Australia has extensively engaged with both sides of Federal Parliament to explain and educate Ministers on the impacts to the racing Industry regarding Recommendation 16 Inducements and Recommendation 26 Advertising. Wagering is an intrinsic part of racing and exists in a symbiotic relationship with wagering providing over 85% of the funding for racing nationally. We have provided extensive information and examples of how minors and at risk individuals could be protected to achieve harm minimisation. In relation to visas and Core Skills Occupation List Changes, Racing Australia has been reasonably successful in explaining the challenges faced by the racing and breeding industry in relation to recruiting key roles locally. We have been successful in working with government on a number of visa issues. Over the last 12 months we have engaged with the Jobs Skills Council Stakeholder Forum and will continue to do so, looking at ways to promote careers within the industry. Racing Australia addressed the National State Racing Ministers Conference held in Broome. We were able to present our positions on: • Point of Consumption Tax • Win Some, Lose More – online gambling review • The need for a skilled workforce • Improvements in Integrity and Welfare • Improvements in Traceability • Impact of Late FOD enforcement • Research Projects • Changes to the Wholesale of Racing Materials We look forward to engaging with the National State Racing Ministers at their next Conference. AUSTRALIAN RULES OF RACING Throughout the year the Australian Rules of Racing were amended to strengthen welfare and integrity matters. The key amendments include: 1. Amendment of AR 167(2) To address a limitation in AR 167 (2) which restricted the ability to go higher than a 58kg acceptance topweight. 2. Introduction of AR 55A – Frequency of Race Starts Setting the frequency of race starts so that a thoroughbred may not race twice in the same day without permission of stewards and have no more than 5 starts in a 30 day period. 3. Introduction of AR 101A – Trainer responsible for administration of stable This amendment recognises that the trainer at all times has the ultimate responsibility for their stables and the horses under their care and control. 4. Amendment to AR231 - Care and Welfare of horses These amendments were made to promote and champion equine welfare specifically on the body condition of a horse and definitions around veterinary treatment. 5. Amendment to AR 231(5) and AR 283(6) - Use of electric or electronic apparatus To vary the penalty for use of electric or electronic apparatus from 2 years to 5 years disqualification period. 6. Amendment to AR 184 Method of weighing-out and weighing-in To exclude the weight of a breast plate when calculating a riders weight. 7. Amendment to AR2 and AR257B - Australian Residue Limits (ARL) and Definition (Rule) & Preamble. This amendment recognises Residue Limits which are in effect screening limits for substances of environmental origin or those that may be found naturally occurring in a horse’s diet. 8. Introduction of AR109A and Amendment to AR223 - Trainer conclusively treated as representative of the owner for the purposes of procedural fairness and natural justice. AR109A addresses the principles of procedural fairness and natural justice under the Rules of Racing for a horse owner to be given notice of, and an opportunity to be heard at, an investigation or stewards’ inquiry with the notice being given to the
RACING AUSTRALIA ANNUAL REPORT 2025 9 trainer or trainer’s representative. The amendment to AR 223 clarifies that any relevant investigation or inquiry is not required to have commenced for prizemoney to be withheld. 9. Amendment of AR299 – Death of a Named Horse Removal of ambiguity as to who is the Authorised agent by inclusion of trainer. These rules represent the racing industries commitment to continual review and improvement of horse welfare, health and safety. Racing Australia in conjunction with the PRA’s will continue to review and, if appropriate, introduce rules that promote and improve racing. RESEARCH Racing Australia maintains a research and development fund specifically aimed at horse and participant welfare and safety. Projects are evaluated on an ongoing basis for their ability to deliver positive outcomes for welfare and safety. Racing Australia has engaged in two critical research projects over the period. Early Detection of Horses at Risk of Equine Musculoskeletal Injuries Racing Australia and Telemedvet have undertaken a 12-month project to perform a cross-sectional study of a serum biomarker in the clinical investigation of equine musculoskeletal injuries. This commitment may lead to real time capabilities that can aid in the prevention of injury to horse and jockey The aim of this project is to investigate the use of a serum bone biomarker called Osteocalcin (OC) as a predictor of equine lameness and fractures. The research project has recently successfully completed with positive outcomes. Assessment of the Demand for Retired Thoroughbreds in Australia Racing Australia funded by Agrifutures is undertaking a national research initiative to assess demand for retired Thoroughbreds and inform the development of a comprehensive strategy supporting their transition into second careers and long-term homes. This collaborative initiative reflects the Thoroughbred industry’s commitment to whole-of-life care for Thoroughbreds, ensuring horses are supported well beyond their time on the track. The research will explore the existing landscape and future opportunities for rehoming retired Thoroughbreds, drawing on insights from across the equestrian, recreational, agricultural, and therapeutic sectors. This research project is due to complete by June 2026. RACING AUSTRALIA BOARD During the year Racing Australia farewelled with thanks Board Members Mr Greg Nichols, Ms Nicolle RantanenReynolds and Ms Elizabeth Clarke and welcomed Mr Tim Eddy and Mr Les Boag. Racing Australia also saw Alternate Directors Mr Vaughn Lynch, Mr Ian Edwards, Mr Jason Scott and Mr Andrew O’Toole step down from their role and welcomed Alternate Directors Mr Nick Bawden, Mr David Hunter, Mr Lachlan Murray and Mr Darren Pearce. INTERNATIONAL REPRESENTATION Racing Australia is a member of the following International Horse Racing Organisations: • Asian Racing Federation • International Federation Horseracing Authorities and has representation on the following International Committees: • Asian Racing Federation Executive Committee • Asian Racing Federation Drug Control Committee (DCC) • Asian Racing Federation Asian Pattern Committee • International Federation Horseracing Authorities Executive Committee • International Federation Horseracing Authorities Gene Council on Anti-Illegal Betting and Related Financial Crime (AIBRFC) • International Federation Horseracing Authorities Gene Doping Control Subcommittee • International Federation Horseracing Authorities Advisory Council on Equine Prohibited Substances & Practices (ACEPSP) • International Federation Horseracing Authorities Horse Welfare Committee (HWC) • International Federation Horseracing Authorities International Grading and Race Planning Advisory Committee (IRPAC) • International Federation Horseracing Authorities International Harmonisation of Racing Rules Committee (IHRRC) • International Federation Horseracing Authorities International Movement of Horses Committee (IMHC) • International Federation Horseracing Authorities Technical Advisory Council (TAC) • International Stud Book Committee • Asia and Oceania Stud Book Committee • International Stud Book Thoroughbred Breeding Welfare Standards Working Group • IHSC Gene Doping Expert Committee Participation in these organisations and Committees is imperative to ensure Australian Thoroughbred Racing stays abreast of improvements and developments in all aspects of racing and breeding as well as providing contributions and a voice as one of the largest racing jurisdictions in the world.
10 RACING AUSTRALIA ANNUAL REPORT 2025 CONCLUSION Whilst the 2024/25 year has continued to be challenging, Racing Australia staff have worked tirelessly to ensure the necessary services continue to be provided to support the racing industry. The work that has been carried out continues to lay foundations for significant changes in future service delivery that will deliver benefits to the racing and breeding industry. The next 12 months will see the continuation of work on the new SNS design, specifically the Australian Stud Book and Register of Racehorses, that utilises a single view of the horse from registration through to retirement to: • better support traceability; • reduce paper forms and move towards full digital transacting; • reduce the complexity of systems; • improve reliability and performance; I take this opportunity to acknowledge and thank the Directors and staff of Racing Australia, Principal Racing Authority CEO’s and staff, Industry participants and all involved in racing for their support and engagement. Thoroughbred racing is a unique and resilient industry full of dedicated, passionate and committed individuals, I look forward, as does all of Racing Australia, to continue to support the industries operation and growth. Paul Eriksson Chief Executive Officer Photo courtesy of “The Rising Sun Photography” on behalf of Racing SA
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12 RACING AUSTRALIA ANNUAL REPORT 2025 The principal activity of Owners and Breeders Services is to operate the Australian Stud Book ensuring the integrity of Thoroughbred breeding in Australia in accordance with the Rules of the Australian Stud Book. Together with a Registrar’s role, it also records the initial registration, ownership and naming of all Thoroughbreds in accordance with the Australian Rules of Racing. In addition, each Principal Racing Authority (PRA) employs a Deputy Registrar. The Deputy Registrar is responsible for: • subsequent changes in racehorse ownership (Transfer or Lease) of horses based in their respective states • registration of racing colours (silks) • registration of Syndicates of owners • the regulation of licensed promoters (Syndicators) INTERNATIONAL STUD BOOK COMMITTEE The Australian Stud Book is a founding member of the International Stud Book Committee (ISBC), the body which establishes the standards by which all Thoroughbred Stud Books agree to operate. There are currently 70 Approved Stud Books worldwide, all of which belong to an ISBC Regional Body. ISBC’s role is to ensure the relativity of rules and expedite the international movement of horses through maintaining: • Standards of Operation - Continually monitor, review and improve standards for operating and maintaining a Thoroughbred Stud Book through the Requirements and Guidelines for Gaining and Maintaining Approval as a Thoroughbred Stud Book and the relevant Articles of the International Agreement on Breeding, Racing and Wagering (IABRW). The Australian Stud Book is a founding member of the International Stud Book Committee (ISBC), the body which establishes the standards by which all Thoroughbred Stud Books agree to operate. OWNER AND BREEDER SERVICES REPORT • International Trade - Monitor, review and improve standards for breeding, identification and international movement of Thoroughbred horses to facilitate the international trade of Thoroughbreds for breeding and competition. • Future Technologies - Ensure awareness of the use of future technologies (e.g. gene-doping, gene-therapy) and their potential effects on the integrity of the Thoroughbred, and to determine guidelines for their application. • Emerging Stud Books - Work closely with emerging Stud Book Authorities to ensure that they meet the required standards of Stud Book procedures for ISBC Approval as a Thoroughbred Stud Book. • Building Relationships - Build stronger relationships between Stud Book communities and between all Approved Stud Books worldwide. • Publication of Foal Crop Data - Encourage the timely and accurate publication of annual Thoroughbred foal crop records and to ensure circulation to all Approved Stud Books worldwide. RACING AUSTRALIA RESEARCH AND DEVELOPMENT FUND Racing Australia continues to support research and development directly associated with the Thoroughbred with $20 from each Registration application allocated to the Racing Australia Research and Development Fund. The Research and Development Grant Assessment panel review submissions and recommendations on funding to the Racing Australia Board. Assessment criteria requires research to be innovative with clear hypothesis and methodology to produce tangible outcomes for the health, welfare and performance of the Thoroughbred in Australia.
RACING AUSTRALIA ANNUAL REPORT 2025 13 Racing Australia Research and Development Fund 2024/25 Balance ROR Research Fund 30/06/2024 $1,026,641 Approved project expenditure 2024/25 $149,852 ROR Research Fund Revenue 2024/25 $218,082 Balance ROR Research Fund 30/06/2025 $1,094,871 AGRIFUTURES THOROUGHBRED HORSE PROGRAM Commencing in the 2017-18 financial year, the Research and Development Levy saw the establishment of the AgriFutures (formally RIRDC) Thoroughbred Horses Levy, supporting priority research, development and extension activities to address Thoroughbred industry challenges and opportunities. The Australian Stud Book was appointed the official Levy Collection Officer by the Australian Government and collects Statutory Levy contributions of $10 per mare return lodged by breeders and $10 per mare covered paid by the stallion owner. From 1 September 2017 to 30 June 2025, the Stud Book has collected $3,129,770 on behalf of breeders to be matched by the Federal Government on eligible Thoroughbred research. To learn more about the AgriFutures Thoroughbred Horses projects, please visit the website. Jacqueline Stewart Keeper of the Australian Stud Book Photo courtesy of Widden Stud ISBC REGIONAL FOAL REGISTRATION 2024 Asia & Oceania 27,557 (34%) Northern America & the Caribbean 18,186 (23%) Europe & Africa 23,257 (29%) South America 11,259 (14%) ISBC REGIONAL THOROUGHBRED FOAL REGISTRATIONS 2014 - 2024 35000 30000 25000 20000 15000 10000 2014 2015 2015 2017 2018 2019 2020 2021 2022 2023 2024 Asia & Oceania Northern America & the Caribbean Europe & Africa South America
14 RACING AUSTRALIA ANNUAL REPORT 2025 The EGRC currently tests for 17 genetic diseases, 23 coat colours and patterns, and one gait marker. The most requested tests were to detect horses carrying the mutations that cause HERDA or MYHM. EQUINE GENETICS RESEARCH CENTRE REPORT The EGRC is the equine genetics testing laboratory which is responsible for parentage verification of all registered Thoroughbreds born in Australia. In the 2024/25 season, the EGRC maintained an average turnaround time of less than a week for Australian Stud Book samples, alongside providing DNA profiling and genetic testing services for 25 non-Thoroughbred Stud Books. The services to non-Thoroughbred breed associations include DNA profiling, parentage verification, and testing for DNA mutations that cause genetic disorders or specific coat colours and patterns. The EGRC currently tests for 17 genetic diseases, 23 coat colours and patterns, and one gait marker. The most requested tests were to detect horses carrying the mutations that cause Hereditary Equine Regional Dermal Asthenia (HERDA) or Myosin Heavy Chain Myopathy (MYHM). The EGRC perform standard DNA analysis in horses on hair cells, found at the pulled ends of mane or tail hairs. The EGRC also offers DNA testing of non-standard samples including blood, semen and muscle, in addition to forensic analysis of samples for integrity purposes, such as positively identifying stolen horses. The EGRC is one of only a few equine genetics laboratories internationally that offers pathogen testing alongside traditional genetic testing. This uses a DNA identification method called PCR to detect agents that cause disease (pathogens) in horses. In 2024/25 this service included pathogens that commonly cause respiratory symptoms and abortions, alongside the original menu of Klebsiella pneumoniae (serotypes 1, 2, and 5), and Pseudomonas aeruginosa in the pre-breeding panel. Pathogen testing has a same day turnaround on weekdays if submitted before 10am, allowing farms to make informed management and treatment decisions more quickly. Internationally, the EGRC has maintained its reputation as a world leader in the field of equine gene doping detection with the Director continuing her position as the Chair of the International Federation of Horseracing Authorities (IFHA) Gene Doping Control Sub-Committee and the International Horse Sports Confederation (IHSC)’s Gene Doping Expert Committee (GDEC). She also presented a plenary at the Asian Racing Conference in Sapporo in September 2024. Dr. Natasha Hamilton Equine Genetics Research Centre Director
RACING AUSTRALIA ANNUAL REPORT 2025 15 Number of tests processed in the 2024/25 financial year Australian Thoroughbreds parentage verified 11,869 Imported and local Thoroughbreds DNA profiled for identity purposes 1,002 Non-Thoroughbred parentage verification or DNA profiled 6,089 Non-Thoroughbred genetic testing number of horses 3,242 Non-Thoroughbred genetic testing number of tests 9,601 Total DNA tests performed 28,561 Average turnaround time for DNA profiling tests 3.9 days Average turnaround time for genetic tests 4.2 days Photo courtesy of www.bradleyphotos.com.au
16 RACING AUSTRALIA ANNUAL REPORT 2025 EQUINE WELFARE & TRACEABILITY Racing Australia, The Australian Stud Book and Principal Racing Authorities (PRAs) continue to work collaboratively to strengthen Australia’s national traceability, retirement reporting and equine welfare systems. Racing Australia provides the digital and regulatory infrastructure that enables these obligations to be fulfilled, ensuring that retirement, transition, and end-of-life information is complete and recorded for every Thoroughbred. The 2024/25 racing season represents the first full year assessing the impact of the major reforms implemented in March 2024. With these reforms now embedded, data quality, retirement transparency and reporting have all improved. System Reforms and 2024/25 Season Implementation 1. Comprehensive Data Audit (Completed 2024) A full review of more than 400,000 horse records was completed, consolidating and standardising the Horse Status framework. This work has significantly improved the reliability of downstream reporting. 2. Systems Integration & Digital Enhancements Racing Australia optimised interoperability between the Australian Stud Book, racing systems and integrity environments, ensuring consistent workflows and information capture across all jurisdictions. 3. Updated Business Processes (March 2024 Release) New business rules strengthened compliance triggers and automated communication tools were deployed across platforms. Racing Australia, The Australian Stud Book and Principal Racing Authorities (PRAs) continue to work collaboratively to strengthen Australia’s national traceability, retirement reporting and equine welfare systems. 4. Expanded Automated Reporting & Monitoring Automated dashboards now monitor incomplete, overdue and irregular data entries, improving compliance response times and enabling earlier intervention. The 2024/25 season is the first full racing year operating under this enhanced framework, providing a clear baseline for improved national reporting. Karen Day General Manager Equine Welfare and Traceability WELFARE AND TRACEABILITY REPORT Photo courtesy of Magic Millions
RACING AUSTRALIA ANNUAL REPORT 2025 17 RETIREMENT AND WELFARE INSIGHTS Active Retired Horses (2024/25) Horses that raced or trialed during the season. The active group reflects horses transitioning out of the racing cycle, with short intervals between final start and retirement demonstrating strong stable-level responsiveness to welfare considerations. Injury and loss of competitiveness remain the primary drivers of retirement, and the strong uptake into equestrian pursuits highlights confidence in retraining pathways. DECEASED HORSES IN TRAINING 2024/25 Euthanasia 12% Euthanasia by Vet 66% Found Deceased 16% Abattoir 6% REASON FOR END OF LIFE FOR HORSES IN TRAINING 2024/25 Catastrophic Limb Injury 33% Condition/Illness/Disease 19% Cranial/Vertebral Injury 2% Injury Other 21% Natural Causes 4% Other 4% Sudden Collapse 6% Unsuitable for Rehoming (soundness/injury) 5% Unsuitable for Rehoming (behavioral/temperament) 6% RETIREMENT PATHWAYS FOR HORSES IN TRAINING 2024/25 Assited Rehoming 2% Auction 1% Breeding 17% Equestrian 50% Non-Equestrian 24% Private Sale 6% REASON FOR RETIREMENT FOR HORSES IN TRAINING 2024/25 Action by Racing Regulator 1% Age 6% Condition 5% Injury 13% Other 3% Owners Circumstance 13% Proactive Decision to Breed 10% Uncompetitive 48% Unsuitable 1%
18 RACING AUSTRALIA ANNUAL REPORT 2025 SERVICE STANDARD PERFORMANCE REPORT Monthly Calculation Target Standard Actual Standard Variation Traffic Light Total in Standard Monthly Average Registration Applications completed within five (5) business days of receipt 90.00% 91.46% +1.46% 9,415 784.58 DNA kits dispatched within three (3) business days, including imports 100.00% 100.00% Nil 13,017 1,084.75 DNA ID Forms processed/ID card dispatched within two (2) business days of receipt, including imports 100.00% 100.00% Nil 12,971 1,080.92 New Breeder, Brand and Veterinarian applications processed within two (2) business days 100.00% 100.00% Nil 798 66.50 RECONCILIATION OF REGISTRATIONS Registrations not Processed at 30 June 2024 603 Registrations Received 2024 / 2025 11,241 Registrations Processed 2024 / 2025 10,895 Registrations not processed at 30 June 2025 949 NUMBER OF HORSE REGISTRATIONS RECEIVED THIS FINANCIAL YEAR 11,241 Received Monthly Average Processed Monthly Average Horse Registrations 11,241 936.75 10,895 907.92 Change of Name 75 6.25 75 6.25 Meeting Service Standard Within negative 1% of Service Standard Below Service Standard
RACING AUSTRALIA ANNUAL REPORT 2025 19 SERVICE STANDARD PERFORMANCE REPORT COMMUNICATIONS SENT Total Volume Total Average SMS 1,881,977 156,831.42 Email 3,213,969 267,830.75 Total Volume Emails sent in 2024/25 3,213,969 Photo courtesy of Michael McInally Photography
20 RACING AUSTRALIA ANNUAL REPORT 2025 SERVICE STANDARD PERFORMANCE REPORT Phase of Service Service Standard Average Monthly Calculation Target Standard Actual Annual Variation Traffic Light Nominations RA Nominations to be Released within no more than 10 minutes of official close 98% 96.04% -1.96% Riders RA Riders to be Released within no more than 18 minutes of official close 98% 99.45% 1.45% Acceptances PRA Acceptances to be Released within no more than 15 minutes of official close 98% 97.71% -0.29% Scratchings RA Final Scratchings to be released within no more than: 15 minutes of official close with no Emergencies. 98% 97.88% -0.12% 15 minutes of official close with Emergencies 98% 98.85% 0.85% Meeting Service Standard Within negative 1% of Service Standard Below Service Standard TRAINER AND RACING SERVICES Total Total Average Online 99,187 88.14% Phone 13,347 11.86% TOTAL 112,534 100.00% Total calls answered in 2024/25 112,534 TRAINER AND RACING SERVICES ONLINE TRANSACTIONS 88.14% TELEPHONE TRANSACTIONS 11.86%
RACING AUSTRALIA ANNUAL REPORT 2025 21 SERVICE STANDARD PERFORMANCE REPORT Average Uptime Availability (or Mean Availability) System Monthly Calculation Target Uptime Actual Uptime Variation Traffic Light Single National System 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% Stable Assist 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% REINS ASB System (Merge with SNS being reviewed) 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% Racing Australia Website 298 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 99.94% +0.04% Racing Australia Private Label Websites 183 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 99.96% +0.06% Stud Book Website 146 minutes unplanned downtime for year 525,600 minutes year to date 99.90%99.97% +0.07% SMS & Email 0 minutes unplanned downtime for year 525,600 minutes year to date 99.93% 100.00% +0.07% Office Local Area Network 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% Server Internal Network 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% Telco and Data Network 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% PABX 0 minutes unplanned downtime for year 525,600 minutes year to date 99.90% 100.00% +0.10% Meeting Service Standard Within negative 1% of Service Standard Below Service Standard
22 RACING AUSTRALIA ANNUAL REPORT 2025 Category Average Target Turnaround Time Average Actual Turnaround Time Traffic Light Thoroughbreds Parentage Verification 14 days 4.57 days DNA Self-comparison 14 days 4.16 days DNA Profiled Only 14 days 3.60 days Total Annual Monthly Average Thoroughbred Parentage Testing Samples 12,282 1,023.50 Thoroughbred DNA Self Comparison Samples 1,058 88.17 Other Breeds DNA Profiling Samples 6,417 534.75 Other Breeds Diagnostic Samples 9,481 790.08 Total Thoroughbred Parentage Testing Samples in 2024/25 12,282 SERVICE STANDARD PERFORMANCE REPORT Meeting Service Standard Within negative 1% of Service Standard Below Service Standard Photo courtesy of The Rising Sun Photography
RACING AUSTRALIA ANNUAL REPORT 2025 23 Photo courtesy of Magic Millions
24 RACING AUSTRALIA ANNUAL REPORT 2025 RACING AUSTRALIA EVENTS AUSTRALIAN RACEHORSE OF THE YEAR 2024/25 Supported by: Racing Australia Hosted by: Racing Queensland Location: ‘The Star’ Brisbane. Date: 31st August 2025 AUSTRALIAN RACEHORSE OF THE YEAR CATEGORY WINNERS Australian Racehorse of the Year Via Sistina Champion Group 1 Jockey James McDonald The Bart Cummings Award (Champion Group 1 Trainer) Chris Waller Champion Sire of the Season Zoustar Champion Two-Year-Old Marhoona Champion Three-Year-Old (F) Treasurethe Moment Champion Three-Year-Old (M) Broadsiding Champion Sprinter Bella Nipotina Champion Middle Distance Via Sistina Champion Stayer Knight’s Choice Champion Jumper* Duke of Bedford * Champion Jumper of the season is voted by Victorian representatives only. Voting is carried out on a 3-2-1 basis by a select panel of media/handicappers/stewards and administrators from each State and Territory. Photo courtesy of Racing QLD
RACING AUSTRALIA ANNUAL REPORT 2025 25 RACING AUSTRALIA ANNUAL REPORT 2025 25 Via Sistina Photo courtesy of Racing Photos
26 RACING AUSTRALIA ANNUAL REPORT 2025 RACING AUSTRALIA EVENTS AUSTRALIAN STUD AND STABLE STAFF AWARDS Partners: Racing Australia & Thoroughbred Breeders Australia. Supported by: Godolphin. Award Category Sponsors: Thoroughbred Breeders Australia, Victoria Racing Club, Inglis, Magic Millions, Australian Turf Club, MRC Foundation, Queensland Off-The-Track, Marcus Oldham and Thoroughbred Industry Careers. Media Partners: Racing Post ANZ Bloodstock; Racing.com; The Thoroughbred Report Australia and New Zealand; Sky Racing. Hosted by: Ally Mosley & James Tzaferis. Location: QT Hotel at the Gold Coast. Date: 26 May 2025 WINNERS OF AUSTRALIAN STUD AND STABLE STAFF AWARDS Thoroughbred Excellence Paul Reid Assistant Trainer since 2012 Sponsors: Godolphin & Racing Australia Dedication to Racing Tracy O’Hara Thoroughbred Racing Northern Territory Sponsor: Australian Turf Club Dedication to Breeding Matt Comerford Widden Stud Sponsor: Magic Millions Horsemanship Denis Gilmanov Segenhoe Stud Sponsor: Inglis Leadership Paul Reid Godolphin Sponsor: Victoria Racing Club Thoroughbred Care & Welfare Julie Bramucci TBA Sponsor: Queensland Off-The-Track Newcomer Olivia Klug Michael Kent Racing Sponsors: Marcus Oldham & Thoroughbred Industry Careers Administration & Ancillary Services Ellen Hodge McEvoy Mitchell Racing Sponsor: Melbourne Racing Club Foundation Celebrating its 11th anniversary, the Stud and Stable Staff awards recognise the thousands of mostly unseen, often unsung and thoroughly essential members of Australia’s racing and breeding industry. The Stud and Stable Staff Awards celebrate those who have dedicated their lives to the Thoroughbred and provides a chance for the winners and runners-up to share in $100,000 worth of prizes in recognition of all that they do.
RACING AUSTRALIA ANNUAL REPORT 2025 27 Recognising and rewarding the hard work and dedication of stud and stable staff across Australia. RACING AUSTRALIA ANNUAL REPORT 2025 Photo courtesy of Godolphin Photo courtesy of Godolphin
28 RACING AUSTRALIA ANNUAL REPORT 2025 FINANCIAL REPORT CONTENTS Directors’ Report 29 Lead Auditor’s Independence Declaration 33 Statement of Profit or Loss and Other Comprehensive Income 34 Statement of Financial Position 35 Statement of Changes of Equity 36 Statement of Cash Flows 36 Notes to the Financial Statements 37 Director’s Declaration 48 Independent Auditor’s Report 49
RACING AUSTRALIA ANNUAL REPORT 2025 29 DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 Your directors present their report, together with the financial statements on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Racing Australia Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of or during the year ended 30 June 2025. DIRECTORS The following persons were directors during the whole of the financial year and up to the date of this report, unless otherwise stated: Racing NSW Nominated Director Peter V’landys AM Peter Sweney – Alternate Director Racing Victoria Nominated Director Timothy Eddy (Appointed 16/07/2024) Aaron Morrison – Alternate Director Greg Nichols (Resigned 16/07/2024) Racing Queensland Nominated Director Graham Quirk Lachlan Murray – Alternate Director (Appointed 22/07/2025) Jason Scott – Alternate Director (Resigned 22/07/2025) Racing & Wagering Western Australia Nominated Director Colin Holt David Hunter – Alternate Director (Appointed 25/02/2025) Ian Edwards – Alternate Director (Resigned 24/02/2025) Racing South Australia Nominated Director Robert Rorrison Nicholas Bawden – Alternate Director (Appointed 24/01/2025) Vaughn Lynch – Alternate Director (Resigned 24/01/2025) Thoroughbred Racing Northern Territory / Canberra Racing Club Incorporated / Tasracing Pty Ltd Nominated Director Les Boag (Appointed 29/07/2025) Elizabeth Clarke (Appointed 21/06/2025) (Resigned 28/07/2025) Darren Pearce – Alternate Director (Appointed 21/06/2025) Nicolle Rantanen Reynolds (Resigned 21/06/2025) Andrew O’Toole – Alternate Director (Resigned 21/06/2025) PRINCIPAL ACTIVITIES The consolidated entities principal activity in the course of the financial year was the provision of racing materials, services and products to the state based Principal Racing Authorities and race clubs of Australia, the supply of field and form products to Racing Australia’s commercial and retail customers, officially recording the ownership details and naming of Thoroughbred racehorses for racing in Australia and for export, the maintenance, accuracy, quality and integrity of the Australian Stud Book, and the administration of the Australian Rules of Racing and the Rules of the Australian Stud Book. The Thoroughbred Trainers Service Centre Limited provides low-cost industry-based horse syndication services under the conditions of an Australian Financial Services Licence (AFSL). DIVIDENDS There were no dividends paid, recommended, or declared during the current or previous year. REVIEW OF OPERATIONS The profit of the consolidated entity for the financial year amounted to $2,206,238 (2024: $258,777 loss). During the year the consolidated entity continued to engage in its principal activity, the results of which are disclosed in the attached financial statements. The Thoroughbred Trainers Service Centre Limited operates based on a letter of financial support from Racing Australia Limited until such time as it becomes cash positive. A new letter of financial support in conjunction with a Deed of Subordination between ASIC, Racing Australia Limited and the Thoroughbred Trainers Service Centre Limited has been submitted for a further 2 years commencing 1 July 2024. The Thoroughbred Trainers Service Centre Limited trades as a separately registered company as the holder of an Australian Financial Services Licence.
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