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New Zealand Party Makes $25 Million Promise

15 June 2005

NEW ZEALAND --The National Party will give racing more than $25 million a year if elected.

"In an astonishing move yesterday, National's Racing spokesperson, Lindsay Tisch, announced the party would align racing's betting duty with that paid by casinos at a net fiscal cost of $25 million.

"The move is clearly a result of party leader Don Brash's recent looking into racing's affair and pressure applied by racing's Fair Tax committee.

"There is no surprise over the timing of the announcement - tonight the five main political parties will announce their policies on the racing industry at a forum at Hamilton's Te Rapa Racecourse.

"National have also promised big tax concession for thoroughbred and standardbred breeders, allowing a 100 per cent write-off for stallions in two years, replacing the current 25 per cent per year.

"…National recognises that racing, breeding and ownership are facets of a unique agribusiness that contributes to our overall economy through employment, exports and related industries

"…Thoroughbred Racing and Standardbred Racing have been in relative decline for decades and there is a need for adjustment in the industry as consumers have greater choices over how to spend their time and leisure dollars. Greyhound racing has enjoyed some growth.

"…Racing has enjoyed a special status, with its own legislation and Government minister, but this status has held the industry back, preserving the past rather than preparing the industry for the future…"

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