HRV’s commitment to be financially sustainable by 2027

Harness Racing Victoria has announced cost-saving efficiencies and service reductions as part of a commitment to be financially sustainable by 2027.

HRV plans to cut a further $6.6m from its operations next financial year, which is in addition to the $6.1m already realised this financial year. These savings relate directly to HRV services and are geared at maximising returns to participants.

HRV chief executive Matt Isaacs said today’s announcement continued the organisation’s restructure, which was focused on implementing the most cost-efficient operating model while meeting regulatory and governance requirements.

“The cooling wagering market is impacting the revenues of all Australian racing codes,” Isaacs said.

“Harness Racing Victoria needs to restructure to remain sustainable and maximise participants’ prizemoney.

“Government financial support since 2017 has enabled our operating losses to be managed, but new government guidelines require HRV to transition to a surplus as soon as possible. Today’s announcement is a proportionate response to help us become an industry that can stand on its own feet.”

Proposed cost-cutting measures include:

• A reduction in staff and associated structural efficiencies
• Costs associated with marketing and media activities, including on TrotsVision, where coverage of country cups and Saturday night broadcasts will be reduced
• The Gordon Rothacker Medal industry awards night, which will be a scaled back celebration

“These will be among a number of cost-saving measures, where the priority is streamlining operations to maximise efficiency,” Isaacs said.

HRV’s executive met with staff this morning to communicate the proposed organisational reset.

“These changes don’t come without considerable heartache and challenges. As was the case during last year’s announcement, several talented and passionate HRV staff members won’t be continuing in their positions,” Isaacs said.

“We thank them for their outstanding service to harness racing in Victoria and are aware these changes will reduce the services HRV can provide.”

Further announcements will be made before a revised budget is implemented from 1st July 2024, which is expected to reflect the commitment to financial sustainability.

by Michael Howard, for Harness Racing Victoria