The Gr.1 Melbourne Cup (3200m) has received a funding injection and will be run for a record A$8million on November 5 this year.

The total prizemoney, including trophies, for the Lexus Melbourne Cup will increase to $8 million, up from $7.3 million in 2018.

The winner of ‘the race that stops a nation’ will receive A$4.4 million plus A$250,000 in trophies, second place A$1.1 million and third place A$550,000.

Prizemoney will continue to be paid from 1st down to 12th. From sixth to twelfth place, each will now receive A$160,000, up from A$150,000.

“At A$8 million, the Lexus Melbourne Cup is the world’s richest handicap and the world’s richest staying race,” Victoria Racing Club Chairman Amanda Elliott said.

“It is the race every Australian owner, trainer and jockey wants to win, and internationally, has become one of the most sought after prizes in world racing.

“Connections cannot buy a place in the Lexus Melbourne Cup, it has to be earned. The results of the recently revamped Andrew Ramsden at Flemington highlights the sheer joy that comes with knowing your horse has secured a place in the Cup.”