Victoria's thoroughbred racing industry generated more than $4.067 billion (USD $2.66 billion) in economic value and supported 24,618 full-time-equivalent jobs during the 2024-25 season, underlining its position as the dominant force within the state's broader racing sector.

The latest Size and Scope of the Victorian Racing Industry report found that Victoria's thoroughbred, harness and greyhound industries collectively contributed $5.54 billion (USD $3.63 billion) in value-added economic activity, an 18 per cent increase compared with the 2018-19 assessment. Across the three racing codes, the industry sustained 33,456 full-time-equivalent jobs.

Thoroughbred racing accounted for $4.067 billion (USD $2.66 billion) of that total, representing 73.4 per cent of the industry's overall economic contribution. The sector also generated $2.862 billion (USD $1.87 billion) in direct expenditure and more than $2.1 billion (USD $1.38 billion) in household income.

Industry Footprint Extends Across Regional Victoria

The report highlights the industry's reach well beyond metropolitan racecourses, with almost 100,000 participant, employee and volunteer roles recorded across Victorian racing. Significantly, close to 80 per cent of those roles were based in regional areas.

Commenting on the findings, Racing Victoria Chief Executive Aaron Morrison said the figures reflected the industry's broad economic and community significance.

"The report findings reinforce that racing is much more than a sport – it is a major contributor to Victoria's economy, a significant employer and an important part of communities right across the state," Morrison said.

He noted that continued growth in the industry's economic contribution was particularly important for regional communities.

"With an economic impact of more than $5.5 billion (USD $3.60 billion), the Victorian Racing Industry is continuing to grow and deliver meaningful outcomes for the state, particularly in regional communities where racing remains an important source of employment, investment and activity."

Morrison also credited the collective contribution of those involved throughout the industry, describing it as a key factor behind the results.

"These results reflect the collective efforts of participants, clubs, volunteers, staff and the many businesses that support racing, and demonstrate why a strong and sustainable racing industry remains so important to Victoria."

Strong Participation Across The Thoroughbred Sector

The report recorded 12,865 horses in training during the 2024-25 season, supported by 785 trainers, 286 jockeys and apprentices, 1,102 breeders and 3,532 stable employees.

Ownership also remained a significant pillar of the industry, with 64,170 owners and syndicate members involved. Racing operations were further supported by 4,383 volunteers.

During the season, Victoria staged 540 thoroughbred race meetings comprising 4,333 races. Those fixtures attracted total attendances of 1,163,611, while Victorian racing clubs reported a combined membership of 73,149.

Spring Carnival Continues To Drive Tourism

The Spring Racing Carnival remained one of the industry's strongest tourism and economic assets during the reporting period.

The 2024 carnival attracted almost 597,000 attendances and drew more than 83,000 visitors to Victoria specifically for the event. It generated $409.8 million (USD $268 million) in direct spending and almost 321,000 visitor nights, providing substantial support for the state's accommodation, hospitality, transport and tourism sectors.

The figures reinforce the central role thoroughbred racing continues to play in Victoria's economy, with its impact extending well beyond race day through employment, regional investment and tourism.