6 / 86
4 |
RACING AUSTRALIA ANNUAL REPORT 2016
CHAIRMAN’S REPORT
I am pleased to report to industry participants,
stakeholders and racing enthusiasts that Racing
Australia is realising its vision of a single national
body with sufficient resources and power to regulate
and enhance the thoroughbred racing and breeding
industry.
Importantly, the consolidation of the assets of Racing
Information Services Australia (RISA) and the Australian
Stud Book (ASB) two years ago has provided Racing
Australia with substantial income to achieve its goals
and objectives.
The merger has enabled us to implement significant
operational changes and undertake commercial
initiatives, resulting in the strengthening of our financial
position.
I can report that Racing Australia recorded a
consolidated surplus of $2,936,055 for the financial
year ended 2015/16. These are funds that can be
allocated to Racing Australia’s key objectives of
integrity, animal welfare and jockey safety.
As at 30 June 2016, the company had borrowings
of $10,267,512 resulting from the purchase of the
Australian Stud Book and Australian Genetic Testing Pty
Ltd and cash reserves of $5,832,597. The company is
well positioned to make accelerated loan repayments
in order to retire debt early and make continued
investment in the business to further underpin its
growth.
The major reform to be completed in 2017, after several
years of development and implementation across
jurisdictions, is the Single National System. The Single
National System will usher in the most significant
modernisation in business practice within the industry
since the introduction of computerisation in the 1980’s.
The Single National System has, throughout the year,
begun to provide substantive benefits to the industry
and industry participants. A number of paper based
business processes are now offered online, providing
industry participants such as trainers and owners
the option of self-service at any time. Moving online
provides a significantly enhanced user experience and
a reduction in the time it takes to undertake industry
functions.
During the year the Board met on five occasions.
Principal Racing Authority Chief Executive Officers were
also in attendance providing valuable input into Racing
Australia’s directions and policies taken on a national
basis for the national good.
Directors and Chief Executive Officers, along with
specialist contributors, play an active role in each of
Racing Australia’s Committees. These Committees deal
with complex and specialised issues ensuring Racing
Australia has a robust review and recommendation
process before measures are brought to the Board
for final review and decision. Racing Australia
Committees operating throughout the year were: the
Australian Pattern Committee, Chairman of Stewards
Committee, Veterinary & Analysts Committee, Integrity
& Welfare Executive Committee, Finance Governance
& Remuneration Committee, Retirement of Racehorses
Committee and Australian Classifications Committee.
Integrity and a drug free racing environment are critical
to public confidence in the thoroughbred racing and
breeding industry. Equally important is ensuring the health
and welfare of our horses. It is our aim that Australia’s
Rules of Racing represent world’s best practice and meet
community standards.
John Messara AM,
Chairman