Racing Victoria has unveiled the economic impact assessment for the 2024 Spring Racing Carnival, which encompassed three months of feature race days held in Melbourne and throughout the state.
The total gross economic benefit was reported at $785.1 million, marking the highest figure recorded over the past ten years.
Nearly 600,000 racegoers attended the carnival, with the 2024 attendance figures showing a 4% rise compared to 2023 and a 17% increase over the 2022 edition—the first unrestricted post-pandemic carnival.
Visitors from interstate and overseas contributed significantly, accounting for 320,000 nights in hotel stays as a result of their involvement in the Spring Carnival events.
The Melbourne Cup Carnival alone experienced a 9% growth in attendance, with 45% of general admission tickets purchased by patrons under the age of 35—a demographic trend also observed at Sydney’s spring events hosted by the Australian Turf Club.
“This economic study reinforces that Victoria’s Spring Racing Carnival is one of Australia’s largest major events attracting interstate and overseas visitors who invest in our state,” Racing Victoria CEO Aaron Morrison 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,” Victorian Racing Minister Anthony Carbines added.