The challenge of growing one of Victoria's biggest industries, and of maintaining its integrity, has been retained by the state's new premier.

Denis Napthine announced on Tuesday he would balance the racing portfolio along with that of regional cities and the state's top job.

Dr Napthine said the $2 billion racing industry and its 70,000 jobs made it an economic portfolio.

"If we can grow jobs and opportunities in racing, that is good for the economy," he said.

Dr Napthine has also taken a leading role in enforcing integrity in the racing industry, an issue that has come under the microscope due to a number of high-profile issues in the past 12 months.

The decision has been welcomed by industry figures.

Racing Victoria Chief Executive, Bernard Saundry, said Dr Napthine was a passionate racing fan who shared with him the vision of a vibrant and successful thoroughbred racing industry.