TBA Commit To New R&D Fund

The Australian bloodstock industry will benefit from a newly formed research and development fund that will be rolled out in the new financial year. Thoroughbred Breeders Australia (TBA) has already committed to contribute A$200,000 to the fund with any money spent on future projects to be matched dollar for dollar by federal government funding. Under a new levy, which was included in the recent federal budget, breeders will pay A$10 per mare and A$10 per stallion return. This in itself will raise about A$400,000 per year which will also be put in the fund for R&D. The TBA contribution will have an immediate impact as it means research can begin straight away on issues that are deemed important to Australian breeders. It is estimated that once up and running the fund could yield up to A$1m annually which will be allocated to research that benefits the thoroughbred breeding industry. Tom Reilly, chief executive of TBA, said: “Research into disease control, fertility and many other valuable areas is crucial to the long term health of our industry. The board had discussed previously funding projects but, as we made progress with establishing a government matched levy, it made sense to hold off so that the money TBA contributed to research was effectively doubled. I'd like to thank Racing Australia for their support as it is through the Australian Stud Book that the levy will be collected and they have been working hard to ensure this is possible from a technology front.”

TBA is in the process of selecting the board that will oversee the spending of the funds and there will be a strong representation of breeders to ensure the money goes towards projects that return real benefits to the breeding industry. Deputy Prime Minister and Agriculture Minister Barnaby Joyce, believes the levy will produce a significant return for breeders. “This levy will provide industry with greater certainty about available funding in future years and enable forward-year planning to deliver priority R&D for the benefit of the whole industry,” he said. “The Australian Bureau of Agricultural and Resource Economics and Sciences estimates a A$12 return for industry from every A$1 invested, which is good for industry and good for those at the farm gate,” Joyce added.