HRV points to Melton land as key to industry future

Harness Racing Victoria’s opening roadshow at Kilmore last night delivered a more upbeat message than many had expected – and some new clarity on the industry’s most critical issues.

A roll up of around only 20 participants was joined by an online audience through Trots Vision with HRV Chief Executive Matt Isaacs delivering a message of transformational change at the organisation and one of guarded positivity about the industry’s future.

“I have never been more optimistic about our future in my 30-month journey. We are building a future-focused industry,” Isaacs said.

That optimism rests heavily on the long-term outcome of negotiations with the Victorian Government over the land surrounding Melton, purchased two decades ago to “future proof” the code in Melbourne’s high-growth corridor.

For the first time in two years, HRV left no ambiguity about its position, which will be further articulated in a Strategic Plan (2026-28) due to be released in coming weeks.

The meeting heard HRV has “a valuable piece of land sitting at Melton that is owned by the industry”.

“In the year ahead, we need to realise the fixed asset of Melton – we need to work with government to be able to transact on that land or be able to work with the right joint venture partners to develop the land – so we can release value back into the industry,” Isaacs said.

Chair Bernard Saundry backed that stance, warning that the industry must be prepared to speak with one voice if needed.

“The collective group of our industry has got a voice and if we have to call on them we will. It’s not the office at HRV, it’s a collective of every trainer, driver, owner, club and their committees that will drive the force of this and I have got no doubt we will get the right result.”

What about Moonee Valley?

The prospect of a relocation to Moonee Valley – with the thoroughbred club’s redevelopment due to start in 2026 – remains on the table but appears financially out of reach in the short term. It’s not off the table, but it’s not a realistic financial option right now.

“Under the current economics of what they want we are not in the ballpark,” Isaacs said.

National Ratings and stallion levy

On the National Ratings front, July’s separate HRA consultation sessions have led to a planned “next evolution” of the NR system, due to come into effect from January 1, 2026. Details will be released later this year.

The controversial stallion levy – introduced as a three-year impost to fund The Eureka and now in its fourth year – also drew discussion. HRV stressed that it continues to advocate on behalf of stakeholders and noted that other states are now voicing similar concerns.

Financial reality check

Behind the optimism, the numbers remain sobering.

HRV looks set to post an $11.8m loss (before grants) in FY25 – an improvement of $14m on the previous year but still a stark reminder of the challenges.

Turnover fell 8.4% year on year, but Isaacs insisted the organisation is on track with its “Project Zero” program (its response to Government demands for the industry to be self-sufficient) and is set to deliver a $33m turnaround by FY26.

Industry calls for HRV workforce numbers to be slashed have been answered, with employee numbers reduced from 110 in financial year 2023, to a budgeted 69 Full Time Equivalent staff in financial year 2026.

As of June 2025, HRV’s workforce had been reduced by 25 (FTE) or 36%.

Further forums are schedule for Charlton tonight (Tuesday Sept 16) and Terang tomorrow night (Wednesday Sept 17).

by Harnesslink Media