Connections of horses racing in Victoria will be the beneficiaries of an additional A$40 million in prize money due to be rolled out in the new year.

The extra money follows a commitment from the recently returned Victorian Labor government to support the racing industry to the tune of A$33 million.

Racing Victoria has committed to boosting the package beyond A$40 million over the next two years.

Prize money increases will be across the board, ranging from standard country TAB meetings receiving a A$2000 increase all the way to Listed and Group Three races having their minimums boosted.

With the latest increases and the introduction of the All-Star Mile, there will be $255 million in prize money on offer, an increase of $82 million, or a 47 per cent rise since 2015.

Country TAB – Standard $22,000 (up from $20,000)
Country TAB – Premium $35,000 (up from between $25,000 & $30,000)
Country TAB – Night $35,000 (up from between $20,000 & $30,000)
Metropolitan – Midweek $50,000 (up from between $30,000 & $40,000)
Metropolitan – Public Holiday $60,000 (up from $40,000)
Metropolitan – Saturday Standard $125,000 (up from $100,000)
Metropolitan – Saturday Three-Year-Old Races and Staying Races (2000m+) $135,000 (up from $120,000)
Metropolitan – Saturday Pathway Races $75,000 (up from $60,000)
Listed Races $140,000 (up from $120,000)
Group Three Races $160,000 (up from $150,000)