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Another $33 million will be spent on horse racing prize money in Victoria if Labor retains power in November’s state election.

Racing Minister Martin Pakula announced on Wednesday night an extra $33 million would be funnelled into winnings for thoroughbred racing in Victoria over two years.

“This increase in prize money will help support Victorians working in thoroughbred racing in suburbs, regional cities and country towns right across the state,” he said.

The cash boost is aimed at attracting more international and interstate investment while keeping horses, trainers and jobs in Victoria.

The industry contributes $3.2 billion to Victoria’s economy, the state government says.

The top-up comes after Racing Victoria in June beefed up this year’s prize money for the Melbourne Cup to $7.3 million and raised the Caulfield Cup and Cox Plate to $5 million each. It also added prize money to 67 country cups and other smaller races.

“Victoria has long been regarded as the premier racing state in Australia and like the Andrews Labor government we will make sure it remains number one,” RV chairman Brian Kruger said of the election pledge.

 
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