Betting Levy to be repealed

Rt Hon Winston Peters, Deputy Prime Minister, Minister for Racing

Minister of Racing Rt Hon Winston Peters has announced the phasing out of the Betting Levy, which will save the racing industry over $13 million per year – a significant step towards New Zealand First’s commitment of revitalising the racing industry.

The pre-Budget announcement was made by Mr Peters at the opening of the Karaka May sales auction in Auckland. The funds raised from the levy, which represents 4 percent of betting profits, will be returned to the industry, with a proportion set aside to support the reduction of gambling harm.

Redirecting the betting levy was a recommendation of the Messara review of the racing industry, and will help ensure the long-term sustainability of an industry which contributes billions to the economy whilst employing tens of thousands of New Zealanders.

The Minister also announced a Government agreement to a stepped response to the Messara Report, introducing two new pieces of legislation to bring new governance arrangements and other sources of industry revenue.

 

 

Winston.Peters@parliament.govt.nz

 

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