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Racing Victoria (RV) will inject over $16 million in prizemoney across all levels of racing in the 2021/2022 season.
RV announced on Monday there will be over $280 million worth of stakes and bonuses next year, and an increase in minimum prizemoney across country, metropolitan and group racing features.
They also announced the restoration of prizemoney for the Melbourne Cup Carnival to pre-COVID levels which were reduced in 2019.
Racing Victoria Chairman Brian Kruger said it was essential that all levels of racing were benefitted from the increase.
"In formulating our prizemoney structure our priority was to ensure that all levels of Victorian racing, from picnic meetings right up to Group 1 racedays, benefitted from an uplift in wagering returns and I'm pleased that we have been able to achieve that," he said.
"Victoria will offer more than $280 million in prizemoney and bonuses next season, a record amount and an increase of over $100 million or 60 percent since 2015.
"We're proud to offer a nation high average of prizemoney and bonuses on offer per race of $65,000 which ensures those who support Victorian racing are well rewarded and importantly there is incentive for continued investment and growth in our industry.
"It is also exciting that the 2021 Spring Racing Carnival, which runs this year to the last weekend of November with the revamped Zipping Classic Day at Caulfield, will return to more than $100 million in prizemoney and bonuses."
Along with the Cup carnival's restoration, nine other Group 1 races will see increases to their stakes next season.
The Toorak Handicap and the William Reid Stakes have both doubled in prizemoney and will now boast million-dollar status.
Kruger said Racing Victoria thought the Toorak and William Reid were both in need of a boost.
"We always look at feature races and form a view that, particularly some of those time-honoured ones like the Toorak Handicap and the William Reid (Stakes), and whether or not they've got the prizemoney to attract the right field and the right interests from people," he said.
"We formed a view this year that a handful of races like those we felt, as well as increasing the Group 1 minimums, that they needed that extra boost to make sure we're attracting the right level of interest and the right field quality for those races."
Increases were also given to the Swan Hill and Warrnambool carnivals as well as the Golden Mile raceday in Bendigo and the Cranbourne Cup raceday.
Jumps racing will receive a boost of $730,000 from March next year, with the increased races to be announced at a later date.
Although there was no information regarding the All Star Mile, Kruger said an announcement will be made before the start of next season, which begins on August 1.
