Minister for racing Denis Napthine on Saturday announced the premier race day will receive a $280,000 boost from next year, raising the total prize money from $830,000 to over $1 million.

“This will make Bendigo’s Golden Mile Race Day one of the richest non-metropolitan race meetings in Australia... let alone in country Victoria,” Dr Napthine said. “It’s a real vote of confidence in the event. This is a significant shot in the arm not only for Bendigo and the jockey club, but also for the whole community because this brings people to Bendigo, brings dollars to the local community and creates jobs.”

GALLERY: Golden Mile Race Day 2012

Dr Napthine said the boost in prize money was made possible by the addition of a joint state government and racing industry-sponsored VOBIS Gold Rush two-year-old race.

“The VOBIS Gold Rush will be one of five premier two-year-old races run in Victoria as part of the VOBIS Gold program,” he said.

“The Baillieu government is committed to supporting breeding of horses in Victoria so we’re putting in $6.7 million over the next four years. The VOBIS Gold Rush will be restricted to VOBIS Gold eligible horses only, which further demonstrates why it is better to breed, buy and race horses in Victoria.”

Bendigo Jockey Club chief executive officer Ian Hart welcomed the boost, saying he hoped a new lucrative two-year-old race would become an important feature on the Victorian racing calendar.

“The club has a vision to grow this new race day... and has greatly appreciated the support from all sectors of the industry in embracing the concept,” he said.

Dr Napthine said the Golden Mile Race Day would make Bendigo the “centre of attention” for Victorian racing in March and a key meeting right around Australia.

“Bendigo is often called the ‘nursery of champions’,” he said. “What it says is that people can come from Melbourne, or anywhere in Victoria, to Bendigo for this great weekend of racing.”