Racing Queensland officials have revealed that the body has had five successive years of losses totalling $40 million.

At RQ's annual general meeting, which was held at Eagle Farm racecourse on Wednesday, it was also shown that there had been a $12.7 million loss for the 2014-15 financial year.

RQ chairman John Muir and acting chief executive officer Ian Hall both made formal presentations at the meeting, which was held at the same time as racing industry participants held a rally across the road at Doomben in protest against recent decisions made by RQ and the Queensland state government.

"Those number are not works of fiction, they are independently audited and are reflected in successive Racing Queensland annual reports," Hall said.

He said due to its cash shortfall, RQ had borrowed $17 million from the state government to fund prize money and ongoing operations.

"The loan from the government has been delivered on very favourable terms with no interest and Racing Queensland will have the ability to pay off the loan when it has the capacity to do so," Hall said.

"As part of the payment for the draw down of funds, the treasury department has reviewed the forecast loss of $28 million and also conducts regular ongoing meetings with Racing Queensland."

Hall said a range of other key topics were also discussed, including Sky Channel's coverage of Queensland racing as well as RQ's agreement with UBET.

"Racing Queensland has been negotiating better coverage with Sky Channel and last Saturday at Doomben saw a move that better showcased Queensland Racing," Hall said.

"Racing Queensland has been developing a close working relationship with UBET and we are already seeing this partnership delivering innovative approaches to marketing."

Hall said other topics discussed at the annual general meeting included the clarification of future funding for country racing.

"Under the Queensland government's country racing package, approximately $13 million over four years has been set aside to support country racing," Hall said.

"As a result, this means that no reduction for non-TAB country races planned in the Tracking Towards Sustainability report will be made, therefore the reduction following the announcement by the Government is now $14 Million."