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The 2024 Victorian Spring Racing Carnival (SRC) delivered a record-breaking economic return, generating a gross benefit of $785.1 million for the state, its highest figure in a decade, according to an independent study commissioned by Racing Victoria and backed by the Victorian Government. Spanning from 31 August to 1 December, the three-month series featured the nation’s four biggest race meetings and a network of 26 country cups, drawing nearly 600,000 attendees and underlining its statewide impact. Crowd numbers rose 4% on the previous year and 17% on 2022, with more than 83,000 visitors arriving from interstate and overseas. This influx helped push the value-added economic impact to $351.4 million – 25.8% above 2019’s pre-COVID benchmark. Racing Victoria CEO Aaron Morrison said the findings cement the Carnival’s place as one of Australia’s preeminent major events, attracting both local and international visitors who inject valuable spending across Victoria. “The Spring Racing Carnival is an amazing social and cultural experience for Victorians and visitors alike to enjoy in all corners of the state,” he said. Morrison also welcomed the increased presence of younger racegoers, noting a revival of race-day tradition with fashion and celebration returning in force. “Importantly for communities and businesses, these racegoers gathered at events right across Victoria and invested significantly in accommodation, transport, hospitality and fashion.” The study found that for every dollar spent on-course, $1.12 was spent off-course, with total fashion and grooming expenditure exceeding $60 million. Over 490,000 fashion-related purchases were logged throughout the Carnival. Victoria’s Minister for Racing, Anthony Carbines, said the figures reaffirm the event’s contribution to the state’s broader economy. “The carnival brings visitors from all over Australia and the world, showing off our world-class racing events, fashion, food and more on an international stage,” he said. “We will always back the racing industry which generates more than $4.7 billion for the Victorian economy and helps sustain nearly 35,000 full-time equivalent jobs.”
