Racing Australia Annual Report 2017

12 | Racing Australia Annual Report 2017 Chair’s Report I am honoured to present my first annual report as Chair of Racing Australia. On behalf of the Board, I would like to pay tribute to John Messara AM, for his vision, commitment and dedication to the Thoroughbred racing industry during his tenure and to Peter McGauran for his invaluable contribution over the last five years. I also take this opportunity to officially welcome Barry O’Farrell as Chief Executive Officer of Racing Australia. Barry has a strong background in public administration and financial management and brings with him a wealth of knowledge as an innovative and experienced leader as well as enthusiasm and commitment to his new role. Racing Australia has continued to expand and flourish since its inception which in turn has produced flow- on benefits to stakeholders and industry participants. Finances have remained sound with a recorded consolidated surplus of $3,774,648 for the financial year ended 2016/2017 supporting a continued focus on our key objectives of integrity, jockey safety and animal welfare. As at 30 June 2017, the company had reduced its borrowings over the year by $2,500,000 to a balance of $5,267,512 and cash reserves were $7,055,087. The company is well positioned to make accelerated loan repayments early in the 2017/2018 financial year to continue to retire debt early. Racing Australia has been extremely successful in harmonising medication policies and strategies, the Rules of Racing, jockey safety, horse welfare and retirement, whole of life traceability of a Thoroughbred and the contractual relationship between trainers and owners. Jurisdictions have worked cooperatively together on these complex issues over a prolonged period of time and racing has benefited as a whole from their efforts. We will continue to strive, improve and enhance the safety and welfare of our horses and participants. Racing Australia works diligently to retain the confidence and support of the wider community and governments through our animal welfare rules and policies. New rules were introduced on 1st August 2016 relating to the traceability of horses. The registration of foals and owners was welcomed as a means of strengthening ownership transparency and bringing both foals and owners under the Australian Rules of Racing for integrity and animal welfare purposes. Acceptance into the Australian Stud Book became conditional on foals being registered within 30 days of foaling and their beneficial owners being declared within a further 30 days. The Stud Book must now be made aware of any subsequent changes to the location of a foal. The rules were further amended on 1st October 2016 to ensure Stewards have access to studs and farms to test for anabolic steroids in young horses, prohibited substances in racehorses and to monitor the health and welfare of horses in general. These new rules ensure the traceability and welfare of all Thoroughbred horses from birth until rehoming when leaving the Thoroughbred racing industry. These are significant steps and Racing Australia’s action in regard to the welfare and retirement of racehorses has been internationally recognized as ground breaking initiatives and which I am proud to say is now being followed or considered by major jurisdictions around the world. I would like to thank the Racing Australia team for their hard work and commitment over the past 12 months especially Myles Foreman, Operations Chief Executive Officer and Jacqueline Stewart, Keeper of the Stud Book. Their assistance and expertise is invaluable. Frances Nelson QC Chair Frances Nelson QC Chair