Australia’s biggest horse race, the Melbourne Cup, is now worth an extra million dollars.

Racing Victoria announced the news on Friday.

In huge news for Victorian racing, all the spring majors received significant prize money boosts.

The Melbourne Cup is now worth a record $7.3 million.

The Cox Plate and Caulfield Cups both received $2 million boosts, raising the stakes from $3 million to $5 million respectively.

The Victoria Derby is now worth $2 million, $500,000 more than last year.

Maiden races, at the opposite end of the spectrum, also received raises.