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The NSW government will cut racing tax rates over the next five years, in an effort to bolster the industry and make it competitive with other states.

The current tax rate of $3.22 per $100 wagered will be cut to $1.28 per $100 in next week’s state budget, matching both Victorian levels and last year’s recommendation by former treasury secretary Michael Lambert, the Daily Telegraph reports.

Premier Mike Baird said the move is an effort to turn The Championships into an event to overtake the Melbourne Spring Carnival and provide enough prize money to rival the Melbourne Cup.

 
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