14 December 2020
Dear Participant,
As advised in HRNSW’s 2020 Annual Report, buoyed by an upward trend in wagering revenue streams, coupled with the COVID-19 pandemic austerity measures introduced in the latter half of FY2019/20, the Board of HRNSW would as at 30 September 2020 undertake a full review of its FY2020/21 budget with a focus on improving returns to industry participants.
That extensive review has recently been completed and in that context I am pleased to advise that effective 1 January 2021 overall base prizemoney will be increased by 10%.
In addition thereto further increases of 5% effective from 1 January 2022 and 2023 have been budgeted for in the forward estimates of HRNSW.
Overall for the 3 year period 2021-2023 additional funding of $8.5 million will be available for base prize money.
* From 1 January 2021 A Category Meeting races will offer prizemoney of $8,000 whilst B Category Meeting races will carry prizemoney of $5,865. The B level is capped to stay below the handicapping points threshold and in accordance with the desire of participants for a recognisable prizemoney differential.
* From 1 January 2022 A Category Meeting races will increase by 5% and carry prizemoney of $8,400.
*From 1 January 2023 A Category Meeting Races will again increase by 5% and carry prizemoney of $8,800.
In lifting prizemoney HRNSW has also recognised the changes made to the points allocation in the national handicapping system and altered the winner’s share of prizemoney upwards to 54%.
At the same time effective 1 January 2021 trainers’ prize money commissions (1st to 5th) are to be increased from 7.5% to 10% across every race conducted in NSW with the exception of NSW Breeders Challenge events.
Trainers have petitioned HRNSW for a significant number of years for an increase in such commissions, and in line with revised financial forecasts it is now opportune to do so.
The Three Year Prizemoney Strategy aligns with the Industry Strategic Plan 2021-2023 one of the major objectives of which is to “Sustain the Industry”.
The most important measure of the viability and sustainability of the NSW harness racing industry is the extent to which returns to participants compare with the costs incurred to have their horses compete. Reducing the gap between returns and costs is a significant goal of the Strategic Plan.
Base prizemoney levels provide a vital platform for industry sustainability and increasing same will permit a broader spread of returns to all participants; owners, trainers, drivers, and breeders alike.
Yours faithfully,
Ken Brown AM
Chairman
Monday 14 December 2020