New Zealand is set to get a new multi-million dollar all-weather horse racing track.

Photo: RNZ

The Racing Minister Winston Peters made the announcement at the official opening of the annual bloodstock sales in Karaka in South Auckland today.

Several races around the country have recently been called off due to rain.

Mr Peters said the track would be funded by both taxpayers and the industry.

"The idea is a very sound idea and it will stop the huge losses that are happening because events that are clearly going to be cancelled have no alternative."

Mr Peter said more details, including where the track would be built, would be revealed in May's Budget.

New Zealand Thoroughbred Racing chief executive Bernard Saundry is pleased.

"It's fantastic to have the Deputy Prime Minister as advocate for racing in the government. Clearly he's committed to implementing the policies, he's going to work through a time policy and a budget like a responsible minister needs to. And we're looking forward to him making further announcements."