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The Victorian Government has bolstered the Victorian Racing Industry Fund with an injection of $86 million as part of the 2015-16 State Budget.

The funding will support racing and training venues and fulfils the Labor Government’s election promise to renew the VRIF for a further four years.

It includes $72 million in new funding, and $14 million unspent since the fund commenced.

The Government says it will maintain an ongoing focus on Integrity and governance programs to strengthen the codes’ capacity to deal with increasing challenges.

Upgrades to infrastructure and facilities, particularly in regional areas, to encourage people back to the track, showcasing local Victorian produce and stimulating tourism are all part of the program.

Resources in the Office of Racing will also be bolstered to improve how the fund operates, ensuring quicker turnaround times and giving the industry better access to advice and support in submitting applications.

Minister for Racing Martin Pakula said Victoria’s racing industry has a strong future under the Labor Government.

“We’re giving VRIF a funding boost which will support Victorian racing – from stronger integrity and animal welfare programs through to crucial upgrades for our country tracks.”

The VRIF returns unclaimed wagering dividends and on-course wagering taxes back to the industry and allows the three racing codes, racing clubs and other key stakeholders to have a say in growing Victorian racing.

It funds projects and initiatives at tracks across Victoria, supporting jobs, improving animal and participant safety, increasing integrity measures and boosting the raceday experience for racegoers.

Some of the key projects funded by the Victorian Government since last November’s election include $5 million towards state of the art lighting at Pakenham to make it the third night racing venue in Victoria; $200,000 to improve drug testing by building Victoria’s first dedicated cobalt testing lab; Fencing upgrades at Donald and Bairnsdale; and raceday attractions including the Multicultural Raceday at Werribee, Anzac Day Races at Avoca and Australia Day races at tracks across regional Victoria.