Economic impact from Cup Week had not been recorded during the pandemic and in 2022 the Melbourne Cup Carnival saw an increase in the proportion of out-of-state visitors on 2019, equating to 38.3% of total attendances.
The Melbourne Cup Carnival was directly responsible for bringing 60,897 people to Victoria, including international guests from 28 countries, proving many were eager to get back to our state and enjoy the world-class racing, fashion, food and entertainment that Cup Week offers.
Cup Week continues to make an important contribution to the wider community, with the event helping to raise more than $1 million for various charities and supporting 16,194 jobs.
Victoria Racing Club (VRC) Chairman Neil Wilson said the Melbourne Cup Carnival remains one of Australia’s most culturally and economically important events with strong economic impact and engagement figures recorded in 2022.
“The economic stimulus provided by Cup Week stretches further than any other annual sporting event in Australia, with industries such as retail, accommodation, fashion, hospitality and entertainment the beneficiaries of Australia’s original major event, it retains its status as the biggest economic generator in Australian sport,” Mr Wilson said.
“The Lexus Melbourne Cup has been part of the fabric of the nation for 162 years and the VRC is pleased to learn through an independent national study that more adult Australians participated in an activity to celebrate Lexus Melbourne Cup Day than ever before at 5.8 million.
“The national engagement complements the global attention that the Lexus Melbourne Cup receives, with the race broadcast to around 209 territories last year with a potential global reach of 750 million people.
“The VRC funds Cup Week at a cost of approximately $65 million and thanks its sponsors, partners, Visit Victoria, the Victorian Racing Industry and the Victorian State Government for their support to put on the Melbourne Cup Carnival every year. We are already underway with plans for the 2023 Carnival, which we again expect to deliver significant outcomes for the state and nation.”