Cup prize rises to $8m

MELBOURNE Cup prizemoney will be lifted to a record $8 million as figures reveal the race that stops a nation pours almost $1 billion into the Australian economy.

Victoria Racing Club will today announce the biggest cash prize pool in 158 years of Australia’s great race, and a range of events to bolster the sporting treasure’s success.

VRC chairwoman Amanda Elliott said the Melbourne Cup would never sell its soul.

“Connections cannot buy a place in the Melbourne Cup, it has to be earned,’’ she said. A study has found that for every $1 spent on the Cup in Victoria, $1.09 is poured into the economy around the country.