Getting money by trickery in Stawell race? About right! (5)

I believe the answer is:

grift

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'getting money by trickery in stawell' is the definition.
I can't tell whether this definition defines the answer.

'race? about right' is the wordplay.
'race?' becomes 'gift' (I can't explain this - if you can you should believe this answer much more).
'about' means one lot of letters goes inside another.
'right' becomes 'r' (common abbreviation).
'gift' going around 'r' is 'GRIFT'.

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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