This year's Foster's Melbourne Cup will be worth Aus2million (£780,000) to the winner for the first time, it was announced today.
It is part of a Aus350,000 (£135,000) boost for Australia's most famous race, which will be run for the 140th time at Flemington on November 2nd.
Victoria Racing Club chief executive Brian Beattie said: "The Cup's standing as Australia's richest and most prestigious race is further enhanced by today's announcement.
"The Foster's Melbourne Cup has already achieved formidable international status and it is widely regarded as the world's premier staying event. A first prize of Aus2million can only enhance its international prestige."
The Melbourne Cup has been a target for several European-based horses since Vintage Crop lifted the prize for Ireland in 1993, with Godolphin's Central Park finishing second last year.
