The alliance protesting state government treatment of Queensland's racing industry has decided to suspend proposed strike action.

The group made up of trainers, jockeys, owners and breeders had been planning to strike on Cox Plate day (October 27) and Melbourne Cup day (November 6).

The group is upset at a general lack of government support of the industry and the distribution of the new 15 per cent Point of Consumption tax.

The alliance met with Racing Minister Stirling Hinchliffe and treasurer Jackie Trad for two hours on Tuesday.

In a statement on Thursday night the alliance said it had decided to suspend strike treats for the time being.

"We are very pleased with the way the Government has listened and recognised our concerns since our meeting on Tuesday with the Deputy Premier and the Racing Minister," the alliance said.

"Negotiations are proceeding well, and we are quite confident that the Racing Queensland team is getting closer to achieving a positive outcome."

"Our goal has been from the outset to obtain a better deal for the thoroughbred racing industry, a deal that can restore confidence through an immediate boost on returns to participants through prize money increases."

The alliance said it would put a hold on plans for industrial action in the short term providing an acceptable agreement for recurring returns to industry participants could be achieved.

The secretary of the Queensland branch of the Australian Trainers' Association, Cameron Partington, said the group felt a positive outcome could be reached,

"We want to give Racing Queensland clear air to reset its negotiations with the government, and by agreeing to postpone any proposed industrial action, we feel this provides the best atmosphere to obtain the most beneficial result to our financially challenged racing industry," he said.