Racing has a long and proud history in New Zealand, and this bill closes the circle started by Sir Thaddeus McCarthy with his royal commission report in December 1970—this is the report here. As an industry, racing is seriously important to our communities and regions, and past studies say it contributes $1.6 billion to the economy each year. There are 14,000 full-time racing industry jobs and nearly 58,000 jobs which participate in the industry in some shape—from bets to equipment suppliers. There are 15,000 owners, 800 trainers, and 200 jockeys. Not only is New Zealand bloodstock world class, it's a significant export earner. The world-class quality of this industry has no better example recently than the Cambridge Stud horse Hello Youmzain, winning the Diamond Jubilee Stakes at the Royal Ascot this week. That was a genuine world-class result.