The racing industry is proposing a major restructure that it hopes will save it more than $11 million a year.

A taskforce made up of a panel of leading industry personalities is recommending sharing services and adopting a one industry approach.

The recommendations are for New Zealand Thoroughbred Racing, Harness Racing New Zealand, New Zealand Greyhound Racing Association and the New Zealand Racing Board to effectively merge. A new industry body called Racing and Wagering New Zealand would be set up.

There would be a common financial and legislative model and the establishment of a Racing Council to oversee the transition period.

The taskforce believes the changes would make racing more cost-effective, efficient and successful by eliminating duplication of costs and streamlining decision-making.

New Zealand Thoroughbred Racing chairman Guy Sargent says they need to think radically if they are to survive. He says the industry is being carved up by other gambling areas and from overseas markets, so they need to work together to ensure a healthy future.