Significant prize money increases have been announced for Victorian racing, highlighted by boosts to the Melbourne Cup, Caulfield Cup and Cox Plate.

Victoria's three biggest horse races have had a significant prize money boosts as part of a series of prize money injections across the state.

The announcement of prize money increases were made on Friday with the Melbourne Cup boosted by $1 million to $7.3 million while the Cox Plate and Caulfield Cup have both increased by $2 million to $5 million.

Part of the $12.4 million injection into prize money across the state from August 1 this year includes $1.2 million to be spread across the 67 country Cups in Victoria.

The investment will see a record $228.5 million in prizemoney and bonuses on offer in Victoria next season, representing a 32% increase since 2015 and leading to a nation high average of $52,057 in prizemoney and bonuses on offer per race.

Importantly, all owners, trainers and jockeys will get the chance to share in the increases which are spread from iconic Group 1 races at Flemington, Caulfield and The Valley to an array of once-a-year race meetings from Burrumbeet and Penshurst, to Gunbower and Wycheproof.

Highlights of Today’s Announcement

• Record prizemoney for the jewels of Victoria’s Spring Racing Carnival in a year in which Victoria celebrates 25 years of international competition:

o $7.3 million Lexus Melbourne Cup (3200m, Flemington, 6 November) – up $1 million

o $5 million Stella Artois Caulfield Cup (2400m, Caulfield, 20 October) – up $2 million

o $5 million Ladbrokes Cox Plate (2040m, The Valley, 27 October) – up $2 million;

• Continued investment in three-year-old racing with Australia’s oldest classic, the AAMI Victoria Derby (2500m, Flemington, 3 November), raised by $500,000 to $2 million;

• A prizemoney boost for every Country Cup with an additional $1.2 million to be spread across 67 TAB, non-TAB and picnic cups ensuring they remain a focal point for local communities to celebrate and enjoy;

• The introduction of the $1 million The Showdown for VOBIS Sires-eligible two-year-olds at Caulfield on Victorian Owners and Breeders Raceday – 13 April 2019 - thus increasing the number of $1 million+ races in Victoria from 17 to 18;

• The further consolidation of Victoria’s place as the home of stayers with the Moonee Valley Gold Cup (2500m, The Valley, 27 October) increased by $200,000 to $500,000;

• Greater returns for first-time winners with minimum prizemoney for standard country maidens raised to $23,000, for premium country maidens to $26,000 and for maidens at midweek metropolitan meetings to $30,000;

• Rewarding grass roots participation with minimum prizemoney for non-TAB meetings up 20% to $12,000 per race; up 25% for country SKY2 meetings to $15,000 per race; and up 11% for Benchmark 58s to $20,000 per race; and

• An increase in minimum metropolitan prizemoney to $40,000 for all two-year-old, three-year-old and Benchmark races at midweek and standard Friday night meetings, before rising to a $60,000 minimum per race for premium Friday nights at The Valley.