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New Zealand racing to benefit from new legislation

New Zealand racing to benefit from new legislation

The New Zealand Racing Industry Board (NZRIB) and the TAB have welcomed the passage of the Racing Bill through Parliament, reducing uncertainty and providing significant benefits for the industry.

NZRIB and TAB Chairman, Rick Bettle, said today he was delighted the Bill had passed all its stages.

“This has been a long process, involving years of industry consultation to achieve broad agreement on the shape of the Bill. This is an important piece of legislation because it will reduce the uncertainty in the industry and provide substantial benefits,” he said.

The Bill was introduced into Parliament in May 2001. It abolishes the NZRIB and TAB and replaces them with a merged entity called the New Zealand Racing Board (NZRB). The Bill also gives the three racing Codes added responsibility.

“We are very much looking forward to efficient, streamlined administration with better co-ordination of services. Racing will have much more control over its own affairs and greater responsibility and accountability for its actions. We’ll be able to take advantage of technological changes and maximise contributions to racing and those involved in it,” he said.

“The NZRB’s key roles will be to promote racing, facilitate and promote betting on races and sports, and maximise profits for the long-term benefit of New Zealand racing.”

Mr Bettle said that as far as the Working Party Report was concerned, the Board did not believe there was cross-code support for its recommendations. The Working Party was established as a result of the PricewaterhouseCoopers Report on the New Zealand racing and bloodstock industry.

“In particular, there is some concern about the Electoral College Appointment Advisory Panel, recommended by the Working Party, and it is clear this concept needs further consideration,” he said.

The NZRIB would continue to receive and assess submissions on the Working Party Report and its recommendations.

“The NZRIB will then refer its findings and recommendations to the new Racing Board for consideration. We believe that is the most appropriate action to take in the circumstances. This policy also has the support of the TAB Board,” Mr Bettle said.

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