The Melbourne Cup Carnival has recorded it’s highest economic return to Victoria, achieving almost $500 million in gross economic benefit last year.

Victoria Racing Club chair, Neil Wilson, says the figure comes from independent research which publishes figures from all major sports.

“We’re very proud of that, and … it’s a record year,” he told Jimmy Bartel and Mark Allen, filling in for Ross and Russ.

Press PLAY to hear what contributed to the record figure

Image: iStock.