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A successful financial year coupled with the increased return from the POC tax will see a sustainable 15% prizemoney increase effective immediately.
"We have made a lot of progress in our aim to create a strong, vibrant and sustainable industry over the last few years and the ability to make these increases is that next, extremely important step." Rob Rorrison, Chair of Racing SA said.
"The increase has been made possible through a combination of positive financial results in recent years and the increase in the return to the industry, from 10% to 20%, of the POC tax announced by the SA Government in their Budget.
"Prizemoney is the lifeblood of the industry and being able to announce a sustainable increase of this nature will ensure our SA participants will be in a position to continue to grow their businesses."
Metropolitan Tier 1 races will increase from $55,000 to $65,000 while Metro Tier 2 races also jump $10,000 to $55,000 with Tier 3 Metro races to increase from $41,000 to $50,000.
Provincial races will increase from $22,000 to between $23,000 (Outer Provincial) and $25,000 (Inner Provincial) per race across the state while Country Races will be lifted from $17,000 to $19,500 and Country Cups will see a lift of $8000 to $40,000.
Non-TAB races, including Cups, will increase by $2,000 across the board.
"Our focus when structuring this injection into prizemoney was to ensure the increase was sustainable and that a broad cross section of races, from Non-TAB country meets through to Tier 1 Metro races were able to receive an uplift and we feel that this has been achieved." Mr Rorrison said.
Black type racing will also receive a boost with the Group 1 Sangster Stakes and Goodwood increasing to $600,000 and the Group 2 Adelaide Cup rising from $300,000 to $350,000.
All other Group 2 races will jump from $202,250 to $250,000 next season, Group 3's will race for a minimum of $150,000 (from $127,250) while Listed races will race for a minimum of $120,000 up from $107,250.
The prizemoney increase will come into effect from Saturday July 15, coinciding with the Morphettville meeting.
