It comes amid a stoush with the industry about the state government's 15 per cent point of consumption betting tax, and calls for increased prize money.

Saturday's Cox Plate race meetings at Brisbane's Doomben, Gold Coast, Townsville and Toowoomba will remain cancelled as a result of the strike.

But following a marathon almost five-hour meeting on Friday between jockey, trainer, owner and breeder representatives of the Thoroughbread Alliance, Racing Minister Stirling Hinchliffe and Deputy Premier Jackie Trad - and promises of $26 million extra in prize money - Queensland punters will be able to enjoy the races trackside on November 6.

Under the deal, prize money levels for Queensland thoroughbred TAB race meetings will increase by $26 million in exchange for a commitment from the Thoroughbred Alliance to continue discussions and sign up to broader industry reforms.

There will be an immediate $18 million increase in prize money on November 1 and a further $8 million in six months.

Mr Hinchliffe said the extra $26 million would come from general government revenue, there would not be any service cuts as a result, and the changes would be reflected in December's Mid-Year Fiscal and Economic Review.

Mr Hinchliffe said planned reforms to increase the "commerciality" of the industry would deliver even more prize money.

"They're things that have been canvassed as part of Racing Queensland's commercial plan, including increasing the proportion of TAB events across the range of events that happen in Queensland," he said.

"Queensland has the highest proportion of race days and race events that are not TAB events and therefore do not contribute strongly to wagering outcomes for the commercial industry.

"We want to see that change and improve."

Ms Trad described the conversations during Friday's mammoth meeting as “very frank and respectful”.

Australian Trainers Association Queensland spokesman Cameron Partington said the outcome was very good for the racing industry.

“[It will] restore some confidence but most importantly we’ve got a relationship now with the government we can work on and go forward with and make even more benefits for the thoroughbred racing industry, which is fantastic,” he said.

Mr Partington said the $26 million increase was a 25 per cent increase on the amount of prize money that was available on Thursday.

LNP leader Deb Frecklington welcomed the deal struck to end the racing strike but said it should "never have come to this", while deputy leader Tim Mander said the opposition voted against the new tax.

In a statement issued on Thursday night by Mr Hinchliffe and Ms Trad, they said the meeting would explore the challenges of the industry and options for industry reform.

"We know the industry is seeking further increases in prize money and we will continue to talk to representatives from all codes, including harness and greyhound racing, in the coming days and weeks," the statement said.

Non-TAB meetings at Isisford, Gympie, Gladstone, Charleville, Clifton and Richmond were expected to go ahead on Saturday.

The threat of strike action began last week after the state government did not meet the industry's deadline to agree to return 100 per cent of the racing component of the new point of consumption tax to racing.

The state government introduced the tax in this year's budget, which means all bets on Queensland events are now taxed at 15 per cent.

The tax was expected to raise up to $70 million in its first year.

The racing industry has complained that prize money for Saturday metropolitan race meetings in Queensland was 45 per cent of Sydney's level, while it was at 75 per cent a decade ago.

Premier Annastacia Palaszczuk previously said her government had invested more than $190 million in the sector since being elected in 2015.