Chasing Victoria: Races like the Queen Elizabeth Stakes during The Championships will be funded under the new deal.Chasing Victoria: Races like the Queen Elizabeth Stakes during The Championships will be funded under the new deal.

The real benefits of the move towards tax parity for the racing industry will not flow until at least 2017.

The state government has announced a five-year plan to get to tax parity with Victoria on TAB betting for the racing industry in NSW, dropping the tax rate on TAB bets from $3.22 to $1.28 per $100.

Details on how the money will be distributed have yet to be worked out but it will take the form of payments from a fund rather than using the existing intercode agreement. The first payment of about $10 million is scheduled to be made in January 2016, but that will almost certainly be used to fund The Championships at Randwick in April next year.