Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Passing Of Racing Industry Bill Signals New Era For New Zealand Racing And Sport

The revitalisation of New Zealand racing has taken a significant step forward following the passing of the Racing Industry Bill following its third and final reading today at Parliament.

Racing Industry Transition Agency (RITA) Executive Chair Dean McKenzie said the Bill, which transfers racing administration functions to the racing codes and establishes TAB New Zealand (NZ) with a clear mandate as a commercial betting operator, delivers the critical reform required to enable the industry reach its potential.

“The changes which underpin the Racing Industry Bill require the TAB to have a resolute focus on our customers and maximising profit for the racing industry and returns for sports, while at the same time ensuring a strong commitment to responsible gambling.

“Many of the changes enabled by this Bill have been mooted for decades but never progressed. It’s significant to see some of these proposals finally put into action.

“RITA was established by the Minister for Racing one year ago to enable the transition of the industry into a financially sustainable future. Despite the significant impact of COVID-19, the Government has been steadfast in their commitment to New Zealand’s racing industry and tens of thousands of New Zealanders who depend on it for their livelihoods.”

In addition to the creation of TAB NZ and additional responsibilities for the Codes, the changes include a requirement for offshore bookmakers to pay for their use of New Zealand racing and sport information, a new approval authority for introducing new wagering products, changes to address unresolved, historic venue structure issues, the establishment of the Racing Integrity Board and the creation of Racing New Zealand as a collaborative forum of the the racing codes.

The passing of the Bill results in the dissolving of RITA, however the current Board of RITA has been confirmed as the interim Board of TAB NZ pending future appointments under the new legislative process by the incoming Government.

McKenzie added that the new Bill provided added impetus for the racing industry to work together in a positive and constructive way under a new framework.

“The passing of two pieces of far-reaching racing legislation in the last 12 months has given the New Zealand racing industry all the necessary levers to enable it to deliver a financially sustainable future. What it does with those levers presents unprecedented, generational opportunity.“

“On behalf of the RITA Board, we want to thank the Minister for Racing - Rt Hon Winston Peters, Government officials and the Select Committee for their commitment and focus in passing this important Bill.”

The Racing Industry Bill will come into effect on 1 August 2020.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: