Australia’s thoroughbred breeding industry valued at $1.68 billion

The Australian thoroughbred breeding industry, the second largest in the world, delivered a solid economic performance in 2022 – 23, contributing $1.68 billion to the national economy and supporting 9,268 full-time equivalent jobs, according to new independent research released today by Thoroughbred Breeders Australia (TBA) and AgriFutures Australia.

The report, released to coincide with the 2025 Magic Millions National Broodmare Sale, provides the most comprehensive and up-to-date snapshot of the industry’s impact – equipping breeders and state-based associations with critical data to support long-term planning, funding applications and policy engagement.

Conducted by economic consultants IER and commissioned by the AgriFutures Thoroughbred Horses Program, the study reveals the industry has grown by 45% since 2016-17, underscoring its vital contribution to regional economies, job creation and community life.

Speaking ahead of the Magic Millions National Broodmare Sale, President of TBA, Basil Nolan (Snr), said the figures provide compelling evidence of the industry’s strength and increasing importance to Australia’s rural economy.

“These results confirm what many of us in the industry already know – thoroughbred breeding is not just thriving, it’s a major economic engine for regional Australia,” Mr Nolan said.

“We contribute more than $1.6 billion to the economy, support thousands of jobs, and sustain local communities across the country. This industry is built on passion but powered by people, investment, and long-term vision.

“This research gives us the facts we need to advocate confidently – for funding, infrastructure, and recognition of the vital role breeding plays in Australia’s racing ecosystem and rural prosperity.”

Key highlights from the 2022 – 23 season include:

• 510 active stallions and 12,585 foals registered from 19,454 broodmares
• 6,130 individuals involved in breeding or owning broodmares or foals
• 16,711 employees and 10,603 volunteers supporting the industry nationwide
• $1.43 billion in direct industry spending
• 1,410 thoroughbreds exported, reflecting Australia’s influence in global bloodstock markets
• 62% of economic activity concentrated in New South Wales.

General Manager of Levied & Emerging Industries at AgriFutures Australia, Samantha Beresford, said the report provides critical insights to shape the future of both the industry and regional Australia.

“This data doesn’t just reflect past performance – it’s a launchpad for the next chapter of growth in Australian thoroughbred breeding,” Ms Beresford said.

“The thoroughbred breeding industry uniquely combines economic firepower, community connection, and rural jobs. It sustains thousands of livelihoods, develops career pathways, and brings global attention to our regions.”

“With credible, high value data, both industry and government are empowered to make informed decisions that support long-term investment, workforce development, and stronger, more resilient regional economies.”

The report also highlights the industry’s strong community value. Thoroughbred breeding drives volunteerism, fosters multigenerational involvement, and provides education and training opportunities across Australia.

Notably, more than 40% of breeders have increased their involvement in thoroughbred breeding over the past three years, and over half intend to maintain or grow their roles in the years ahead.

To explore the full findings and gain a deeper understanding of the industry’s economic and community impact, stakeholders and interested parties are encouraged to read the full report and snapshot, available on the AgriFutures Australia website.

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Ingrid Lee-Scott
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