Cup Carnival's huge economic impact

The body content of your post goes The Melbourne Cup Carnival has generated its largest-ever contribution to the Victorian and Australian economy.

The VRC announced the result on Thursday morning with national expenditure directly attributed to Cup Week of more than $1 billion in 2024.


In other key figures released by the club, more 11.5m people engaged with the Melbourne Cup by watching, listening or participating in an activity to celebrate the day. That’s an increase of 500,000 and encompasses more than half of Australia’s adult population.

The four-day carnival returned a record $502.4 million in gross economic benefit to the state of Victoria, with 81 cents of every dollar spent on the Melbourne Cup Carnival flowing through to benefit the broader Victorian economy.

The economic impact study was conducted by conducted by market research company IER.

The 2024 Melbourne Cup Carnival was directly responsible for bringing 68,898 international and interstate visitors to Victoria - the highest level of visitation since 2018.

Victoria Racing Club (VRC) Chief Executive Officer Kylie Rogers said the Melbourne Cup Carnival reaffirmed its status as one of Australia’s most culturally and economically important major events.


“The Lexus Melbourne Cup is ingrained in Australian psyche, and we see that reflected in the fact that more than 11.5 million adults engaged with and celebrated the day, generating a record-breaking national uplift in spending,” Rogers said.

“2024 saw increased crowds flock to Flemington, an increase in the television audience on Nine, and young racing fans on course with 45 per cent of general admission ticket buyers under the age of 35 which provides a strong platform for engagement now and into the future.

“Whether people come for racing, fashion, food or entertainment, Cup Week is the ultimate event to bring people together and have fun.

Minister for Racing Anthony Carbines said the Melbourne Cup Carnival was important to Victoria.


“We saw increased crowds race through the gates at Flemington and pack our hotels, retailers, cafes and restaurants across the city – pumping millions into the local economy and bringing Melbourne alive,” Carbines said.

“The Carnival not only featured the best in thoroughbred racing, fashion and entertainment but confirms Melbourne as the premier events destination - no other state does it like we do.



“We will always back the racing industry which generates more than $4.7 billion for the Victorian economy and helps sustain nearly 35,000 full-time equivalent jobs across all the codes.”

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Laurence Schuberth
March 8, 2025

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