Melbourne Cup Carnival delivers record $533 million economic boost to Victoria

• The 2025 Melbourne Cup Carnival generated a Gross Economic Benefit of $533 million to Victoria – the highest economic impact on record and an increase of 6% year on year.
• Lexus Melbourne Cup Day delivered $848 million to the national economy, also up 6% year-on-year.
• 71,690 visitors travelled to Victoria specifically for the event – the highest since 2017.
• A record 7.4 million Australians engaged with Lexus Melbourne Cup Day.
• 18-29 age group attendance up 49.5% since 2019, reaching highest levels since 2015.

The annual Victorian economic impact study demonstrates the Carnival's ongoing importance to Victoria's visitor economy, with 71,690 visitors travelling to the state specifically for the event, the highest number since 2017 and up from 68,898 in 2024.

The Melbourne Cup Carnival’s economic impact extended nationally, with Lexus Melbourne Cup Day driving an $848 million uplift to the national economy, a 6% year-on-year increase fuelled by rising attendance at functions and hospitality venues throughout Australia, according to the latest research conducted by market research company Quantum.

Interstate and international visitation reached impressive milestones across the 2025 Carnival:

• NSW visitors: 40,272 attended the Carnival, the highest figure in six years and approaching the 2019 record of 41,617
• New Zealand visitors: 12,375 travelled to Melbourne for the event, representing the highest level in 15 years
• International reach: Visitors attended from 37 countries, the most diverse international audience since 2014

The visitor influx generated substantial economic activity across multiple sectors:

• Fashion, grooming and retail: $63.4 million
• Accommodation: $46.6 million across 248,500 commercial bed nights
• Food and beverage: $35.9 million
• Fashion purchases in Victoria: 343,495 transactions

Critically, 81 cents in every dollar spent by visitors to the Melbourne Cup Carnival provides benefits to the broader Victorian economy, demonstrating the event's significance.

Lexus Melbourne Cup Day itself delivered significant national impact, with engagement reaching a record 7.4 million Australians (37.5% of the adult population) – the highest level ever recorded and representing a 2% increase on 2024.

Overall, 11.7 million people (59% of adult Australians) either watched, listened or engaged in an activity to celebrate Melbourne Cup Day.

The 2025 Carnival also saw increased attendance amongst the 18-29 age group, reaching levels not seen since 2015, with 68,288 attendees across the week. This follows three consecutive years of growth for this demographic – an increase of 24.8% since 2023 and 49.5% since 2019, demonstrating the event’s ongoing strong appeal and relevance to younger audiences.

Quote attributable to VRC CEO, Kylie Rogers

"These figures confirm the Melbourne Cup Carnival's position as one of Victoria's most valuable major events. A $533 million economic impact – our highest on record – demonstrates the Carnival's vital contribution to the state's economy.

The record 71,690 visitors who travelled to Victoria specifically for the Carnival generated significant activity across accommodation, hospitality, retail and transport sectors and Melbourne Cup Day's reach of 7.4 million Australians and $848 million in national economic uplift shows this event transcends racing – it's a cultural moment that brings the nation together while delivering significant economic returns.

We're particularly encouraged by the growth in younger audiences and the six-year high in NSW visitors. Combined with our strongest New Zealand visitation in 15 years and visitors from 37 countries, these numbers prove the Melbourne Cup Carnival continues to grow its appeal both domestically and internationally.

We thank Racing Victoria and the Victorian Government for their ongoing support, which has been critical in enabling the Carnival to achieve these outstanding results and continue delivering significant value to the state's economy."

Quote attributable to VRC Chairman, Neil Wilson
"This data further demonstrates the Melbourne Cup Carnival's status as one of Australia's premier major events. A $533 million economic contribution to Victoria, our highest on record, shows the significant value this event delivers not just to the sport of racing, but to the broader Victorian economy.

The record visitor numbers, particularly the growth in younger audiences and the resurgence in interstate and international visitation, reflect the VRC's strategic focus on continuing to deliver world class racing and the ongoing evolution of Australia’s original major event.

I want to acknowledge the outstanding work of the entire VRC team in delivering this result, along with the continued support of Racing Victoria and the Victorian Government. I also thank our VRC members, partners and the hundreds of thousands of people who attended the Carnival and made it such a success.”

Quotes attributable to Minister for Racing, Anthony Carbines

“The Melbourne Cup Carnival showcases the very best of Victorian racing to the world – from all the action on the track to the world-class event experiences that underpin our racing industry. A record $533 million economic contribution highlights the strength and global standing of Victoria’s thoroughbred sector.”

“Nobody does spring racing like Victoria and this year’s Melbourne Cup Carnival once again showcases our city at its best while highlighting the strength of our $4.7 billion racing industry, supporting thousands of jobs and attracts visitors from across Australia and the world.”

Attributable to Minister for Tourism, Sport and Major Events, Steve Dimopoulos

“The Melbourne Cup Carnival is a cornerstone of Victoria’s major events calendar, and a $533 million economic boost shows the enormous value it delivers to our visitor economy, local businesses and jobs across the state.”

“These record results highlight the Melbourne Cup's ability to attract visitors from interstate and overseas, drive tourism and showcase Victoria on the world stage.”