The report was jointly compiled by Sports Business Partners and Street Ryan, with the aim of achieving a better understanding of the sport, its stakeholders and potential for growth and development.

Equestrian Australia state the main goal of the project was to determine the contribution of the sport to the broader community within Australia, assessing its economic, social and health benefits.

The total economic contribution of equestrian was found to be A$1.14 billion (£710 million/$860 million/810 million), with the figure excluding all codes of horse racing, polo, polocrosse, rodeo, western and tent pegging.

It was claimed the annual contribution to physical and mental health was an additional A$12.7 million (£7.9 million/$9.6 million/€9 million).

“These significant findings confirm Equestrian as one of Australian sport’s top contributors to the national economy,” said Paula Ward, Equestrian Australia chief executive.

“They give equestrian a strong platform that will be fundamentally important as we work towards growing participation and building the sport’s public profile.

“We now have a better understanding of the sport, the wider landscape, our members and where we need to go in the long term.”

The findings were based on data from the Australian Bureau of Statistics, Australian Sports Commission and the Department of Health.

Information was also collected from equestrian stakeholders and participants, including an online survey of more than 4,500 members from within the Australian Equestrian community.

The study asserted that the sport had a range of social strengths including lifelong participation opportunities and high levels of family and female involvement.

It claimed the duty of looking after horses requires commitment, discipline and purpose, with 76 per cent of Equestrian Australia members saying they are involved with the sport “for the love of horses”.

The equestrian community are asserted to spend A$371 million (£230 million/$280 million/€263 million) each year on the maintenance and transport of horses.

Equestrian Australia state there is significant commitment to the sport, with 75 per cent of members being involved in the sport more than four times per week, while 78 per cent have been participating for more than 10 years.

“Riding horses or even just being around these magnificent animals is a very fulfilling experience and men and women involved across all ages enjoy tremendous health benefits as a result,” Ward said.

“It is very heartening to see the hugely positive impact that participation in equestrian has on the mental and physical health of Australians.”