Punters to feel brunt of NSW tax hike

The NSW Treasury announced the 50 per cent tax hike on Tuesday as part of its state budget for the 2023 financial year.

Of the monies received, 33 per cent will be returned to the racing industry, up from 20 per cent, with the remaining 67 per cent staying in government coffers.

The announcement comes hot on the heels of the Queensland government’s recent decision to increase the state’s POCT tax levy from 15 to 20 per cent where 80 per cent of the revenue generated is now returned to the racing industry, up from 35 per cent.

The move was met by fierce criticism from major wagering operators who were said to be blindsided by the decision with no consultation.

It’s understood that the announcement by the NSW government will come as a far less surprise to wagering operators.

But with the cost of doing business in NSW set to escalate, it’s the punter that is expected to bear the brunt, predominantly through less attractive prices and higher margins.

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