In a perfect world without self-enforced dilution, the Cox Plate field this week could’ve been an all-time classic:
Aeliana
Sir Delius
Sheza Alibi
Autumn Glow
Ceolwulf
Cosmic Crusader
Birdman
Light Infantry Man
Land Legend
Autumn Boy
Attrition
Warwoven
Blind Raise
Global Goal
🏇 A remarkable number of upgrades, but the bigger issue that I don't think has been recognised is how the system supports itself to keep justifying more upgrades, and the impact that has over time.
I'm happy to see races like the Golden Eagle elevated to Group 1 status, and other upgrades are well justified. A few I'm less convinced about.
The point I don't think gets enough attention is that the process has become increasingly self-fulfilling.
📊 In 2005/06 Australia had:
*⃣ 66 Group 1 races
*⃣ 80 Group 2 races
*⃣ 113 Group 3 races
*⃣ 288 Listed races
That's 547 black-type races, including 259 Group races.
📊 In 2024/25 we had:
*⃣ 76 Group 1 races
*⃣ 97 Group 2 races
*⃣ 173 Group 3 races
*⃣ 267 Listed races
That's 613 black-type races, including 346 Group races. While the total number of black-type races has grown significantly, the number of Group races has increased remarkably, by around 33.5%.
Has the quality of the thoroughbred population improved by anything like that?
If the purpose of the Pattern is to identify and separate the very best horses to help shape the breed, the distinction between ordinary and elite performances is increasingly unclear as more black-type opportunities are created.
💡The other consequence is that upgrades begin to justify future upgrades.
Committees quite rightly examine the previous and subsequent black-type form of horses contesting a race.
But as more Group and Listed races are added to the calendar, those same horses naturally accumulate more black-type form simply because there are more opportunities to do so.
A few years later, the race under review appears to have stronger black-type credentials, which then helps justify another upgrade. That, in turn, creates even more Group form references for future assessments.
It's largely the same pool of horses competing over the same 52-week racing calendar, but each expansion of the Pattern creates more evidence to support the next one.
That's the aspect of the topic I think deserves much more discussion than whether any single race should or shouldn't be upgraded.
❓How do we account for the self-fulfilling nature of the process that leads to upgrades? Where does it end?
Racing's Biggest Threat in 2026 Isn't Financial - It's Cultural
In my opinion, one of the most dangerous trends emerging in racing is the growing belief that financial strength can be measured solely by the size of central reserves.
While prudent financial management is important, racing was never built on bank accounts. It was built on people, communities, traditions, and a shared sense of purpose.
A sport can report strong financial numbers while simultaneously becoming weaker where it matters most: at the grassroots level where participation, engagement, and public support are created.
The cultural dimension of racing cannot be ignored because it is one of the sport's greatest assets. Racing does far more than generate economic activity.
It brings communities together, creates regional pride, supports social connections, and provides a sense of identity that has often been built over generations.
The racecourse has traditionally been more than a venue for competition.
It has been a gathering place where communities connect, businesses engage, families participate, and local traditions are maintained.
That is why I fully agree that if operational entities are weakened while central reserves continue to grow, the sport's social licence comes under threat. Public trust is not maintained by financial statements alone.
It is maintained when people feel connected to the sport, when communities see value in supporting it, and when participants believe they have a meaningful role in its future.
The moment those connections begin to weaken, the foundations of the sport begin to weaken with them.
What concerns me most in 2026 is the possibility that some decision-makers may confuse financial accumulation with genuine progress.
A larger reserve fund may create the appearance of strength, but if the organisations responsible for delivering racing, engaging communities, and sustaining participation are left under increasing pressure, then the sport is effectively consuming its own foundations.
That is not growth. It is simply a slower form of decline.
The controversial reality is that racing does not survive because of money alone. Money is a tool, not a purpose. The sport survives because people care about it, participate in it, and believe it remains relevant to their communities.
Once that belief begins to disappear, no amount of accumulated capital can replace it. Public trust, community engagement, and cultural relevance are assets that take decades to build and only a short period of neglect to lose.
That is why this issue is so important in 2026. Racing's future will not be determined solely by revenue figures or reserve balances. It will be determined by whether the sport continues to invest in the people, communities, and organisations that give it meaning.
A sport can recover from financial setbacks. Recovering from cultural decline and the loss of public trust is far more difficult. If racing forgets that simple fact, it risks protecting its money while losing the very people who make the sport worth preserving.
Racing’s ownership affordability issues start at the top.
Stallion fees and yearling inflation are the real pressure points, not prizemoney. Invest in the customer to drive long-term sustainability.
Comment via @Matt__Welsh_
https://t.co/NKxTWlqQex
Chris Smith has weighed in on Ben Roberts-Smith, reflecting on the harsh realities of combat.
“On the war front — it’s kill or be killed. I know which I’d choose,” Smith said.
Australians lose approximately $32b/yr to gambling. The new govt "crackdown" targets advertising which overwhelmingly affects Wagering. Gaming creates three times the losses that Wagering does. Gaming problems dwarf Wagering but hey let's target the most visible not most damaging
"We are way too precious as an industry..." 🏇
Do you agree with @matt_nevett_ on the tracks?
📺 Missed the show - Subscribe and never miss it again: https://t.co/Pi8F64spgP
CONSTITUTION HILL WINS ON FLAT DEBUT 🏆
A commanding win in the SBK Road To Cheltenham Novice Stakes under @oismurphy for Nicky Henderson & Michael Buckley 👏
Look at the wait for the second 🤯
Australia has 76 Group 1 races, but what if it was 50?
@streetruffian has taken a scalpel to Australia’s feature race program to see what a schedule of 50 Group 1 races might look like.
Tell us what you would keep or cut?
Full analysis: https://t.co/YGt73JQRZ8
Nothing positive about small-to-medium trainers being forced out of the game. There is something very wrong with racing & its trajectory. We are charging towards the UK model where a few large stables dominate & horses are owned by the rich racing for each other's money/ribbons.
Inglis Melb PREMIER 2022 - now 4yo
Data Set 1 of 4 posts
▪️current 4yo age - The “highest priced” yearlings.
♦️yearlings sold for over $300,000+
This sale had an unbelievable 47 yearlings sold for $300k+ [lower base price sale]
◽️42 of these [89%] highest priced [now 4yo’s] made it onto the track.
❌ Only 3 of these 42 [7%] horses have earned more prize money than his sales cost
[2 in Hong Kong] Markwin & Packing Hermod, plus recent Victorian winner ENXUTO who just passed his sales cost by +$20,000]
❌ 9 of the 42 [21%] runners, have not won a race, deep into their 4yo year.
❌ 14 of the 42 [33%], have only won 1 race
🕳️ so those last two figures show almost 55%% of the highest priced yearlings have won 1 race or less. Not a good ratio for the geniuses that inspect them and have the yearlings out of their box so many times during the early days of the auction.