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All the economic figures have been released from the 2016 running of the Melbourne Cup Carnival, and the Victorian economy is first past the post on this one.
Coming out on Wednesday, the Victoria Racing Club revealed a massive $427.1 million boost to the economy for the state of Victoria over the course of the 2016 Melbourne Cup Carnival.
Not only was the money booming for the state, but the amount of interstate, as well as international, visitors for the event increased as well.
All that on top of over 20,000 jobs involving nearly 1000 companies for local staff and contractors during the event.
“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,” said Chairman of the VRC, Amanda Elliot.
“This is Australia’s original major event and it contributes to the economy like no other.”
The mark is a 10.1 per cent increase on the 2015 edition.
Being such a large part of any race meet, fashions in the field made its mark in the figures too. Over $44 million was spent in fashion and retail throughout Victoria for the Carnival, a six per cent increase from the previous year.
That included some staggering numbers, including the sale of 49,067 pairs of shoes, 11,659 suits, 46,448 dresses and just shy of 60,000 hats and fascinators.
Hotels, hostels and accommodation of kinds was another winner, raking in $38.3 million at around 20 per cent higher than 2015.
“Such a sizeable economic benefit filters right through the economy… supporting jobs across the state,” affirmed Elliot.
In terms of attendance, the 2016 event saw a big increase in travellers coming from out of state, and even out of country.
Just over 80,000 racegoers came from outside Victoria for the Carnival, up 7.8 per cent, while there was a massive jump of New Zealanders making the trek across the ditch for the race that stops a nation.
Even the runners were coming over from New Zealand, as well as across the globe, with as many as 25 international horses being raced over the Carnival.
John Eren, the Minister for Tourism and Major Events, knows how crucial such an event is on the calendar, and was beaming at the numbers that have come out of last years race-fuelled weekend.
“It attracts thousands of visitors from far and wide,” he said.
“Its benefits are felt right across our state – creating jobs, filling our hotels, and keeping our local shops, cafes, bars and restaurants buzzing.”
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