An independent economist, Saul Eslake, has raised concerns about Tasmania’s substantial spending on greyhound racing, labeling it as “good money being thrown after bad.” Eslake’s assessment, based on a study commissioned by animal welfare groups, reveals a decline in the economic benefits derived from subsidies allocated to the greyhound racing industry in Tasmania.
According to Eslake, the proportion of Tasmanians actively engaged in greyhound racing is meager, with attendance figures showing a steady decline over the past decade. Despite this trend, the Tasmanian government has allocated a significant amount of taxpayer funds to support the industry, with greyhound racing receiving $75 million in subsidies since 2010-11.
Comparing the government’s expenditure on greyhound racing to other sectors like education, Eslake highlights a disproportionate allocation of resources, with greyhound racing receiving more funding per capita than any other state or territory in Australia. This financial support, however, has not translated into a positive return on investment for the Tasmanian economy.
Analysis of the data reveals a concerning trend of diminishing returns in the greyhound racing sector. Eslake points out that the productivity of the industry has declined significantly, with fewer starters at races for each dollar invested. Moreover, the amount wagered on greyhound racing per unit of taxpayer funding has also decreased over the years, indicating a lack of economic viability.
Eslake questions the sustainability of continuing to pour public funds into an industry that shows signs of decline and waning public interest. He emphasizes the need for a reassessment of the government’s financial support for greyhound racing, especially in light of Tasmania’s challenging financial position.
The economist suggests that the current funding model for greyhound racing may not be a prudent use of taxpayer money, especially considering the industry’s diminishing returns and lack of widespread public engagement. Eslake advocates for a more strategic approach to allocating government funds, urging policymakers to reevaluate the viability of ongoing subsidies for the greyhound racing sector.
As the debate surrounding greyhound racing’s economic sustainability continues, Eslake’s analysis serves as a critical evaluation of the industry’s financial dynamics and its implications for Tasmania’s fiscal priorities. With the funding deed for TasRacing set to expire in June 2029, the government faces a crucial decision on the future of its financial support for greyhound racing in the state.
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