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Thoroughbred Industry Not Getting A Fair Go

New Zealand Thoroughbred Industry Not Getting A Fair Go

International Competitive Policy Desperately Needed

The Rt Hon Winston Peters MP, Leader of New Zealand First, today said that the New Zealand thoroughbred industry is not getting a fair go and is in desperate need of an internationally competitive policy.

“This is an industry with exports of over $110 million last year, contributing in excess of $260 million per annum to the New Zealand economy and employing over 25,000 people. However, by international comparison the thoroughbred industry has fallen dramatically behind since taxation allowances were withdrawn in 1986 under Finance Minister Douglas.

“In short New Zealand Government Policy has not been internationally competitive in the areas of taxation and depreciation. What is desperately needed is a wise and sympathetic policy found in other thoroughbred breeding nations particularly Ireland.

“New Zealand’s percentage of Australia’s thoroughbred racing has fallen as has the percentage of New Zealand bred winners in that country. The reason for that are policies which have caused a decline in the lack of superior brood mare quality in greater numbers, and the availability of quality stallions. In 1988 the number of foals born was over 7,000. Last year that number had fallen to 4,750.

Mr Peters announced today a New Zealand First Policy which would:
1. give a 100% specified writedown for stallions in their first year at stud
2. support the Labour Government’s write off in full of brood mares by age 11 years
3. give a write off in the year of purchase of brood mares that commence breeding after aged 12 years

“This is an industry that has long failed to reach its potential because of uninformed Racing Ministers and governments only too happy to take the tax without proper regard for the international circumstances in which it was earned. New Zealand’s brood mare stock needs to be dramatically improved and increased and leasing stallions from abroad runs counter to the objective of breeding and owning local stallions of international standard here in New Zealand,” said Mr Peters.

ENDS

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