2024 Melbourne Cup Prize Money Increased to $8.56 Million

The 2024 Melbourne Cup is set to take place at Flemington Racecourse, with the French stayer Vauban favored at $4.50, closely followed by Buckaroo at $5. A punter stands to win $255,000 if outsider Just Fine wins at odds of $51, while significant bets have also been placed on other horses. The total prize pool for this year's Cup is a record $8.56 million, with the winner receiving $4.4 million. Concurrently, the Reserve Bank of Australia's decision on interest rates could lead to substantial savings for homeowners, with an average mortgage holder potentially saving $100 a month if rates are cut during the Melbourne Cup meeting. Economists predict the cash rate will remain steady at 4.35%, despite many homeowners facing significant mortgage debt. The Cup highlights economic pressures as well as the excitement of one of horse racing's most prestigious events.