Queensland’s racehorse owners, trainers and jockeys have called off a planned strike on Melbourne Cup day after reaching a deal on the state’s new betting tax.

At an emergency round table today the Palaszczuk government agreed to funnel $26 million a year from the Point Of Consumption tax into prize money.

The deal comes too late to save Cox Plate day but Cameron Partington from the Racing Industry Participants Alliance tells Mark it is a great result for thoroughbred racing across Queensland.

Download this podcast here