THE Queensland Government has been quick to reject demands from the owners of the Magic Millions Bloodstock Company for a taxpayer handout to help create the world’s richest horse race.

MM principal Gerry Harvey has slammed the Bligh Government for failing to support this week's Gold Coast Magic Millions carnival, which he owns with fellow tycoon John Singleton.

Harvey and Singleton told the Gold Coast Bulletin they wanted to double prizemoney for the Magic Millions race day to $10 million, but accused the Queensland Government of ‘putting only peanuts’ into the event.

Magic Millions challenged the Government to match an increased contribution of $5.48 million dollar for dollar to make the juvenile race the richest in the world.

Acting Premier Paul Lucas said his Government felt there was a great need to invest in capital works than horse racing prizemoney. “I don't think that's so much the role of the Government in terms of paying for prizemoney,” he said.

“But we are looking very seriously at what we might do in terms of increasing our capital injection into the racing industry.

“Magic Millions in the past have commented on some of the infrastructure there on the Gold Coast. That's the sort of thing that we need to look at,” Lucas said.

Harvey has accused the Government, Queensland Racing and Gold Coast Turf Club of having a "free ride" on the success of Magic Millions. “The biggest money-puller in the business up here is Magic Millions.

“Why would you give $11million a year to a car race when you've got Magic Millions which brings a whole heap more and gets virtually nothing (in taxpayer funds). It's frustrating to think we could be twice as good and we're not,” Harvey said.

• LETSGOHORSERACING invited readers to e-mail their views on the annual Magic Million call for Government assistance and threat to move the event.