The investigation by Dale Monteith followed two cancelled big race meetings at Elwick after the track failed to meet safety requirements when a number of grassed plugs were found to be loose.

This was despite a $12.5 million revamp of the track last year.

There was also a late cancellation at the Mowbray racecourse in November.

Mr Monteith recommended Tasracing produce annual track management plans for Elwick and Mowbray in consultation with industry participants.

He said Tasracing should continue to enlist advice from Flemington and Moonee Valley track managers.

Thirty-three people linked with the racing industry were consulted for the report.

Mr Monteith made 29 recommendations which Ms Howlett said the government would accept in full.

He said the Elwick track would be fit-for-purpose in time but it needed to mature.

"Some learnings leading up to the 27th of December will certainly drive how it needs to maintained going into the future," Mr Monteith said.

"Elwick is a new, immature track and it must be nurtured and looked after over the next two to three years."

Racing Minister Jane Howlett said Tasracing had already implemented a number of Mr Monteith's recommendations.

She said she would be discussing the other recommendations with the racing body and Office of Racing Integrity.

"I am confident that the findings of this report, along with the measures being taken by the industry, will lead to a positive and productive time ahead for all three of the state's racing codes," Ms Howlett said.

Labor's racing spokesman David O'Byrne said the Monteith report catalogued a litany of mistakes.

"We knew at the time that serious safety bungles were made, but Mr Monteith's report makes it clear that calls for improvements from the racing industry over a long period of time were ignored," Mr O'Byrne said.

He said the report showed there was confusion, poor practice and poor governance by both Tasracing and the Office of Racing Integrity.

"At the same time the industry's call for improvements were ignored and resulted in the shutdown of race meetings," Mr O'Byrne said.

There was $202.9 million in wagering turnover in Tasmanian thoroughbred racing in 2019-20.

This was 20-per-cent down on the previous year.