Legislation to sell the TAB was passed in State Parliament this week, finally accelerating a sale first floated nearly five years ago.

About 35 per cent of money from the sale will be set aside for industry infrastructure while 65 per cent will be spent on a new women’s and maternity hospital in Western Australia.

Money from a 15 per cent tax on bookmaker profits, known as a “point of consumption” tax, will also help pay for operational costs of the racing sector.