Rising cost of living pressures are hitting discrepancy spending, with new figures revealing a $6 million drop in betting on Warrnambool's May Racing Carnival.
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Warrnambool Racing Club interim chief executive officer Carl Hufer said off-course betting with the TAB and corporate bookmakers for the carnival was $62 million - $6m down on last year's $68m.
He said the economy had contributed to the decline.
The Reserve Bank of Australia made a shock announcement on the opening day of the carnival to lift interest rates by 25 basis points to the highest level in 11 years - 3.85 per cent.
"The $62 million wagering this year is the same as our off-course betting in 2021," Mr Hufer told The Standard.
"Undoubtedly, the slowing economy has impacted on the wagering dollar for the carnival but overall we're quite happy with the results.
"There's been a similar downturn in wagering at other meetings in Victoria and I would think it's probably Australia-wide.
"People just can't stretch their dollar everywhere."
Mr Hufer said small fields in some races and the heavy track conditions would have also impacted betting.
Last week he said more than 28,000 patrons attended the carnival.
"All our key indicators for walk-in admissions, hospitality packages and bars were up compared to previous years," Mr Hufer said.
The betting data comes as Wannon MP Dan Tehan prepares to host a cost of living crisis forum in Warrnambool on Thursday.
Mr Tehan and chair of the parliamentary cost of living committee, Senator Jane Hume, are expected to hear from individuals, organisations and businesses about the economic impacts at the CWA Hall from noon.
Meanwhile, Mr Hufer said the club hoped to make an announcement about a new CEO later this week.
