Coin change forces amendments to Racing Act

The Reserve Bank's decision to scrap all five-cent coins has forced some technical amendments to be made to the Racing Act 2003, says Racing Minister Winston Peters.

The changes have been included in the Reserve Bank Amendment Bill, which had its first reading in Parliament today.

"The amendments are necessary because the New Zealand Racing Board currently has to round down TAB dividends to the nearest multiple of five cents when paying out on winning bets," Mr Peters said.

"Clearly that will be impossible from 1 November when five-cent coins are no longer legal tender.

"The Racing Act amendments will devolve the responsibility for rounding dividends to the New Zealand Racing Board, which is the most sensible option for addressing this issue.

"It is appropriate that the board, as the expert body in such matters, sets betting rules, rather than parliament deciding what is best.

"I am optimistic that parties will work together to ensure that the Racing Act is amended before five cent coins ceases to be legal tender," Mr Peters said.

ENDS

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