G.F. 316
93.
I propose
firstly that the
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duty on standard bets be
increased from 9% to 9.5%; and
secondly that the duty on exotic bets be
increased from 15% to 16%.
94.
On the two previous occasions when the betting duty was increased, the Jockey Club, which has always been understanding,
bore the whole of the increases on standard bets: the increases on exotics were shared between it and the punters. This meant that the larger share of the increase was borne by the Jockey Club. It is not reasonable to expect it again to bear the main
burden of the further increases proposed this year. Accordingly, it is my intention that the one-half per cent
increase on standard bets
standard bets should be shared equally between the Club and the punter and the one per cent increase on exotic bets as to 0.4% by the Club and 0.6% by the punter. I am, of course, aware of the need to ensure that the betting public is not encouraged to abandon the Jockey Club tote in favour of the illegal bookmakers, but this is not a likely consequence of these proposals (46).
95.
1 April
I
propose to introduce these changes with effect from 1985. They are estimated to produce an additional $120 million in 1985-86 (47).
(46) So far as standard bets are concerned the reduction in the prize pool will be only 25 cents for every $100 wagered and for exotics (where the dividend yields are generally much higher) the reduction in the prize pool will be only 60 cents for each $100 wagered.
(47) Having regard to the present ratio of standard to exotic bets invested on the totalisator, it is anticipated that this will be contributed in approximately equal proportions by the punters and the Jockey Club.
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