Queensland race clubs are preparing a submission to seek federal and state government financial help as the coronavirus crisis causes huge financial losses.

As is the case throughout Australia, race meetings are being conducted without public attendance.

If the situation continues into the winter carnival it will cost the south east Queensland clubs at least $5 million.

The figure will be three to four times that figure if the industry is to close down completely.

The hardest hit would be the Brisbane Racing Club which would lose at least $3 million if the current situation runs through the winter.

The BRC is also losing money away from racing because virus restrictions mean it cannot tap into its business revenue raisers such as weddings and trade shows.

The Gold Coast Turf Club is another which has major non-racing activities at its facilities.

RQ boss Brendan Parnell said the main aim was to keep racing continuing to maintain an income flow and protect as many jobs as possible.

He said the current situation was all meetings would continue without the public until further notice.

"We will follow federal government guidelines no matter which way they go, we are obliged to do that," Parnell said.

"By racing without crowds it means the industry is still producing revenue for gambling businesses and treasury.

"Compensation in some form is paramount and we will be working with clubs this week on the issue."

He said RQ was obviously keen to gain compensation or some other form of assistance as soon as possible,