The 140-page Most Important Participant: A Framework for Thoroughbred Welfare report, commissioned by Thoroughbred Breeders Australia, found there were no nationally agreed standards for how horses should be cared for, transported and, when necessary, killed.

Former Victorian premier Denis Napthine, a former vet and racing minister, served as lead author of the report, which made 46 individual recommendations to improve whole-of-life welfare outcomes for racehorses.

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The report's best estimate on available data was that 8500 thoroughbreds leave the industry in need of a new home every year. It noted Australia produced about 13,000 foals a year - more than any country outside the United States.

The Thoroughbred Aftercare Welfare Working Group received more than 180 individual and considered public submissions, including one from Ballarat-based Matt Cumani.

"Horse welfare is for me, and without a doubt, one of the most pressing issues facing the racing industry globally," Cumani wrote.

"There is, in my view, only one way to tackle this in a serious and effective manner. That is to create a national industry body that is dedicated to the welfare of every thoroughbred born in, or imported, to Australia.

Cumani supported the formation of a new regulator, Thoroughbred Welfare Australia.

"When it comes to direct actions, TWA's responsibilities can be broken down into three broad areas," Cumani said. "Controlling production so as to limit, as far as possible, the number of horses without a purpose.

"Improving the racing industry's racehorse retention.

"Providing solutions for thoroughbreds without a purpose.

"We are participants in one of history's most enduring sports, and we have a responsibility to ensure that it lives us to the expectations of modern society to safeguard its future.

"Let us pool our resources to understand what it takes to put this sport on, what it takes to provide a livelihood for many of its participants, and what it must take to provide a good life for the thoroughbred."

The report recommends and additional $10 million a year be raised to fund Thoroughbred Welfare Australia by new levies on breeders, trainers, jockeys, and owners.

The report also recommended exploring asking bookmakers to pay 50 cents for every active account in the country. It's estimated there are around 4 million accounts in Australia.

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