Melbourne Cup Carnival Delivers Record $533 Million Economic Windfall

The Victoria Racing Club has unveiled a record-breaking success of the 2025 Melbourne Cup Carnival, announcing a Gross Economic Benefit of $533 million to the state of Victoria.

The figure, a 6% increase on the 2024 results, represents the highest economic impact in the event’s history and solidifies its status as a premier engine for the state’s $4.7 billion racing industry.

The “youth pivot” of the Carnival has yielded significant dividends, with attendance in the 18-29 age group surging by 49.5% since 2019. This demographic reached its highest engagement levels since 2015, with over 68,000 young racegoers attending across the four-day event.

National engagement also hit a new peak, with a record 7.4 million Australians engaging with Lexus Melbourne Cup Day, driving an $848 million uplift to the national economy.

Commentong on the record, Victoria Racing Club CEO, Kylie Rogers, said: “These figures confirm the Melbourne Cup Carnival’s position as one of Victoria’s most valuable major events.”

“A $533 million economic impact – our highest on record – demonstrates the Carnival’s vital contribution to the state’s economy,” Rogers said.

Key Sector Impacts and Visitation Milestones

The increase of 71,690 dedicated visitors, the highest number since 2017, generated substantial revenue across several recognisable sectors:

• Fashion & Retail: $63.4 million in spend, with over 343,000 transactions recorded.
• Accommodation: $46.6 million generated through 248,500 commercial bed nights.
• Food & Beverage: $35.9 million injected into local hospitality businesses.

International appeal was equally robust, with visitors arriving from 37 countries. Most notably, New Zealand visitation hit a 15-year high with 12,375 travellers, while 40,272 visitors from New South Wales marked a six-year peak.

Victoria Racing Club chairman, Neil Wilson, attributed the results to a strategic focus on world-class racing and the “ongoing evolution” of the event experience.

Minister for Racing, Anthony Carbines, noted that the results highlight the global standing of Victoria’s thoroughbred sector.

“Nobody does spring racing like Victoria”, Carbines said.

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