New Zealand Thoroughbred Racing (NZTR) is confident that the New Zealand Racing Board's (NZRB) increased funding announcement will be very welcome news for the industry.

"We are very optimistic about the NZRB's commitment to continued stakes increases" said Alan Jackson, Chair of NZ Thoroughbred Racing, in response to last night's news.

The extra funding means that starting 1 August, thoroughbred racing will receive $6.5 million above its current allocation to be applied directly to increasing stakes.

"The industry has been anxiously waiting for this news. It will be the shot in the arm we need to encourage investment and participation in our sport.

"Over half of the extra funding will support our recent raising of the minimum thoroughbred race stakes to $10,000. The balance can boost stakes further still, added Dr Jackson.