Australian Trainers Association Queensland spokesman Cameron Partington said the move came after "years of neglect" by various governments.

"With the current negotiations reaching a standstill, with no sign of a positive resolution, the move to industrial action by the racing participants of Queensland is unfortunately now unavoidable," he said.

Mr Partington said the industrial action had the full support of the four industry bodies, comprising trainers, jockeys, breeders and owners.

The threat of strike action came after the state government did not meet the industry's deadline on Thursday 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 mean all bets on Queensland events are now taxed at 15 per cent.

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

Mr Partington said all participants in Queensland would stand down on Cox Plate Day - October 27 - for meetings scheduled at Doomben, Gold Coast, Toowoomba and Townsville, and again on Melbourne Cup Day across all TAB race meets.

At this stage, non-TAB meetings will proceed.

Last month, Treasurer Jackie Trad said racing infrastructure and community programs would benefit from the tax, with Racing Queensland to receive a $20 million grant to be used on two new racing facilities and forgive $17.8 million of debt owed to the government by the body.

"Until now, large wagering companies paid tax where their headquarters are located, rather than where bets are placed," she said.

"Thanks to our changes, the money people bet in Queensland will come back to Queensland and will be reinvested in Queensland communities."

Mr Partington said a strike was not the industry's preferred action but said they were left with no alternative, accusing the state government of not understanding the situation.

On Thursday, Racing Minister Stirling Hinchliffe said the government was a great supporter of racing in Queensland and was investing heavily in the industry.

Mr Hinchliffe said the equivalent of 100 per cent of the proceeds from the new wagering point of consumption tax would be returned to the industry this year.

"The point-of-consumption tax was front and centre at a meeting the Treasurer and I had with thoroughbred industry representatives last week," he told Parliament.

"This was a productive, firsthand opportunity where industry participants argued passionately for a more sustainable funding mode.

"The government has taken this input very seriously, and it is informing ongoing government
considerations."

However, Mr Partington disputed claims about 100 per cent of the new tax being returned to racing.

"The clear fact is none of this will be returned to thoroughbred racing this year," he said.

"Prize money is our wages.

"Ten years ago, our people were receiving 75 per cent of what New South Wales racing delivered in prize money and now Queensland sits at 45 per cent."