Govt to take a punt on racing industry 

The government is taking a stake in the racing industry in a move to boost prize money.

In a pre-Budget announcement, Minister for Racing Winston Peters has announced $9 million will be allocated over the next three years in co-sponsorship arrangements.

He says it will see substantially higher prize money offered at top level racing events.

Peters says higher stakes will attract more overseas competitors, lift the industry's profile and capture the public's imagination.

But Green MP Sue Bradford says Peters has got his priorities wrong and is giving the money to the richest in the industry instead of those who are in need.

She says the sector has already had $32 million worth of tax duty relief and gets $22 million a year in pokie machine funding.

Bradford says the racing industry does not need any more help from the government.

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