Racing Australia Annual Report 2019

6 | RACING AUSTRALIA ANNUAL REPORT 2019 CHAIRMAN’S REPORT THE RACING AUSTRALIA BOARD IS HIGHLY MOTIVATED TO INTRODUCE PROGRAMMES AND POLICIES THAT PROMOTE AUSTRALIAN RACING’S REPUTATION AS A GLOBAL LEADER. Greg Nichols, Chairman I am pleased to report to the Australian Thoroughbred Racing Industry, that Racing Australia (RA), while experiencing a year of consolidation in 2019, is well-placed to play an expansive role in the promotion and regulation of our great sport. The Racing Australia board is acutely aware of maintaining the symbiotic relationship that exists between the Principal Racing Authorities and Racing Australia if racing is to continue the surging trajectory of recent years. The demarcation between what Racing Australia stands for and delivers the racing and breeding industries and what is the province of our member states and territories is well understood. Australian racing is expanding at an unprecedented rate. The key metric of prize money distribution during FY 19 exceeded $700m. The total number of starters passed 182,000 with 35,200 individual horses contributing to that total. Pleasingly, the number of Live Foals has stabilised, as has horse registrations following a decade of decline. While the racing metrics surpass expectations, a further barometer is the upsurge in investment in our racing and breeding industries by international interests who recognise the vitality of our sport and also to a growing extent by the Australian racing and breeding fraternity. We are pleased to report that a robust financial position allows Racing Australia to attack its strategic vision with creativity and focus. I am pleased to report to industry participants and stakeholders that Racing Australia’s financial position remains strong with a recorded consolidated surplus of $4,289,363 for the 2018/2019 financial year. This is principally attributable to the retirement of debt we incurred when acquiring the Australian Stud Book in 2015. We perceive this financial strength as providing Racing Australia an extraordinary opportunity to invest in executive and operational capability, the scope to appraise and invest in commercial opportunities that complement services that RA currently offers and to fully exploit the intrinsic value of RA’s existing IP assets. Simultaneously, RA is incrementally progressing its technology road map, - the establishment of a website specifically focussed on Retired Racehorses and the exciting developments incorporated into the Owners Portal are two stand outs. The rollout of myhorseracing.horse in April 2019 as a one stop shop for online transactions is a long overdue initiative and one that delivers enhanced efficiency and transparency to the financial mechanics of our sport. The accelerated development in capability of the Single National System (SNS) is a pleasing highlight with the culmination being the welcome addition of Western Australia in the latter months of the year in review. We aim to on-sell the SNS to our international contemporaries and have initiated discussions with New Zealand Thoroughbred Racing to realise this objective. The Board is proud of the excellent work undertaken by our team at the Equine Genetic Research Centre (EGRC) in Scone. Racing Australia has committed further financial resource to augment the EGRC’s unheralded, yet critical contribution to the racing and breeding industries in Australia. We see the EGRC as an asset that will also attract international patronage. The modernisation and reform of our sport is at times strongly resisted by those who stand to lose from the old order and are uncertain of future prosperity. The most challenging reform initiated by Racing Australia in 2016 - the introduction of an Australian Rule of Racing that established full traceability of racehorses - has been validated. This significant initiative informs, not only those who contribute to our great sport but the wider Australian public, that Racing Australia is uncompromising when it comes to forging unparalleled standards of equine welfare and wellbeing. The formation of a subcommittee dedicated to augmenting this central development within Australian racing is regarded by our board as one of our most important and prescient priorities. The continuing focus on Equine Welfare as a contemporary issue is viewed within Racing Australia with optimism. No question that there are challenges ahead, however the Racing Australia board is highly motivated to introduce programmes and policies that promote Australian racing’s reputation as a global leader. The welfare of our participants, as well as our commitment to the highest standards of integrity and equine welfare, are our sport’s immediate priorities. These three pillars will determine whether Racing Australia is recognised by our participants and international peers as the pre-eminent Thoroughbred racing regulator or conversely be perceived as a plodding organisation that rarely puts a foot wrong or leads from the front.