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Record Cup Carnival

Thursday, 30th March 2017

Last year's Melbourne Cup carnival returned a record gross economic benefit to the state of Victoria of $427.1 million, reports racing.com. The figures represented an increase of 10.1 per cent from the previous year and a 16.6 per cent boost on 2012. "The Melbourne Cup Carnival is a resounding success story. This is Australia's original major event and it contributes to the economy like no other," VRC chairman Amanda Elliott said. "The four days of the Melbourne Cup Carnival are the four most attended anywhere in Australia, with the event providing an economic benefit to Victoria of more than $425 million." Elliott added: "Such a sizable economic benefit filters right through the economy, and especially to sectors such as tourism, retail and fashion, hospitality and accommodation, supporting jobs across the state." Elliott also revealed that this year's Melbourne Cup would increase in value from $175,000 to $200,000.

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