Increased prize money for Cup

The prize money for next year's Melbourne Cup will rise to a record $6 million.

The $500,000 increase will make next year's Cup the richest race over two miles in the world, in addition to the most lucrative handicap event.

To celebrate the Cup's 150th anniversary, next year's trophy will also be based on the design of the trophy Phar Lap won in 1930.

The Victoria Racing Club hopes the extra prize money will attract more international horses.