Horses Racing

The Mega Money-Making Melbourne Cup

Prime Minister Scott Morrison is all for the big race this Tuesday, seeing as it’s an integral part of Australian culture.

It’s a fair dinkum, very serious business and industry,’ Morrison says, in true Aussie fashion.

It is one that provides significant economic and employment opportunities especially for rural and regional Australia.’

Ain’t that the truth.

The economic benefit for Aussies

It’s a business venture that we’ve continued and evolved for over 200 years.

Our breeding industry is the second largest in the world, providing around 9,500 jobs all over Australia just from this one aspect of the horse racing business.

The business as a whole, has provided just shy of 70,000 full-time jobs in the country, and contributes over $8.5 billion to the national economy.

We are, of course, the land of golden soil, and letting this land ground the hooves of the fastest thoroughbreds around in the name of good fun…well, it can’t get much better than that.

With over 2,500 race meetings every year in Australia…the Melbourne Cup, a public holiday in Melbourne, is just one of those events.

This year’s carnival is sponsored by Lexus.

A ticket right near the winning post will set you back over $580 a person…and that’s before you place any bets!

Of course, if you aren’t phased about whether or not you can see the track, a general admission ticket would be just fine. That is, if you have $90 to spare.

At these prices, it should come at no shock that last year’s carnival contributed a whopping $444.5 million to Victoria’s gross economic benefit.

Do high income earners pay too much tax? Click here to have your say.

It’s not just the racing industry that wins…

Over 20,000 staff were employed last year at Flemington Racecourse, both in the lead-up and for the duration of the event.

And it’s not just the racing industry that wins from this.

The 2017 Melbourne Cup long weekend saw $39.4 million in commercial accommodation spending, $56.9 million in retail spending — from dresses, to fascinators, to hair and makeup products — and $27.1 million spent on food and beverages.

Chairman of the Victoria Racing Club Amanda Elliot can only speak highly of this public holiday:

This is Australia’s original major event and the Carnival has a positive economic impact on the state that is unrivalled by any other sporting event in the nation.

So make sure you join in on the fun…even if it’s from the comfort of your own home.

Free Report: Why Australia’s three-decade, recession-free ‘miracle economy’ is nothing more than a ticking timebomb. Download now.

The Australian Tribune Editorial

The Australian Tribune Editorial

The Australian Tribune is an unorthodox news service. Your Australian Tribune editorial team deliver the unfiltered stories that could impact your daily life — political and economic stories you’re unlikely to get anywhere else. And we’re not afraid to step on some toes to do it. We are honest, conservative and never dull. We are an independent service, meaning we don’t answer to shareholders or outside advertisers. This helps avoid conflicts of interest that inhibit mainstream sources, which keeps our voice independent. The Australian Tribune is owned and operated by Port Phillip Publishing.
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