Racing Australia Annual Report 2018

12 | RACING AUSTRALIA ANNUAL REPORT 2018 CHAIR’S REPORT WHILE THE THOROUGHBRED HORSE IS AT THE HEART OF OUR SPORT, AUSTRALIAN RACING RELIES ON THE HARD WORK AND COMMITMENT OF THOSE WHO UNDERTAKE THE MANY ROLES IN AND AROUND OUR STUDS, STABLES AND RACETRACKS. Frances Nelson QC, Chair The strength of Australia’s Thoroughbred racing industry has been highlighted internationally during the past year with the announcement of Hugh Bowman as the World’s Best Jockey and Winx as the World’s Best racehorse. In addition, 22 Australian races were ranked in the World’s Top 100 Group 1s and 55 Australian horses rated at 115 or greater in the annual list of the World Thoroughbred Racehorse Rankings. Another positive for our industry was the Keeper of the Australian Stud Book’s advice that the 2018 foal crop will see the first recorded increase since the Equine Influenza crisis ended ten years ago. While these achievements generate well deserved pride amongst Australian racing enthusiasts, I want to acknowledge the efforts of the 160,000 industry participants and stakeholders who, at 385 racing clubs across the nation, conducted more than 19,000 races during the year. While the Thoroughbred horse is at the heart of our sport, Australian racing relies on the hard work and commitment of those who undertake the many roles in and around our studs, stables and racetracks. I am pleased to report to industry participants and stakeholders that Racing Australia’s financial position remains strong with a recorded consolidated surplus of $4,360,016 for the 2017/18 financial year. As foreshadowed last year, accelerated loan repayments reduced borrowings by $3,875,000 over the year to leave a 30 June balance of $3,892,512. Cash reserves were $5,412,568 at the close of the financial year. This strong financial footing ensures funds are available for allocation to Racing Australia’s key objectives of integrity, equine welfare and jockey safety. The April opening of Racing Australia’s Genetics Research Centre is an example of our investment in improving integrity of the sport. The Centre undertakes DNA typing of all Thoroughbred foals to confirm parentage and establish a unique pedigree accessible over their entire lives. Racing Australia’s ground-breaking reforms to equine welfare policies and rules – including traceability reforms ensuring that, from birth to retirement from racing, authorities know the location of Australian Thoroughbreds – continue to be recognised internationally. Britain implemented similar reforms on 1 January 2018 and in May I fulfilled an invitation to address the Asian Racing Conference on Australia’s changes and the benefits they bring to the integrity and equine welfare of Thoroughbred racing. In 2017/18 the Board met on four occasions. Racing Australia’s Board comprises Directors appointed by Australia’s Principal Racing Authorities (PRAs). Accompanied by their Chief Executive Officers, Directors work to ensure Board decisions and policies deliver practical and positive benefits to Australian Thoroughbred racing. During the year Directors reviewed Racing Australia’s governance. The role and responsibilities of Board committees were revised to ensure Racing Australia has a robust review and recommendation process for the specialised and complex measures which come to the Board for consideration and decision. The Board also updated its international engagement policy, which includes increasing co-operation with Racing NZ, to ensure our shared interests are effectively represented at global racing meetings. The Board’s final meeting in 2017/18, held in Brisbane, also included the retirement of Bob Pearson the Racing and Wagering WA nominated Director. Bob was ARB Chairman (2006-08) and served as a Director on the ARB (2003-2015), RISA (2003-06) and Racing Australia (2015-18). Bob’s enthusiasm and wisdom will be missed. Finally, I thank my fellow Directors for their contribution and commitment during the year and place on record our appreciation of the dedicated efforts of the Racing Australia team in 2017/18. Frances Nelson QC Chair