Jumps racing in Victoria has received another massive boost with Racing Victoria approving a funding package which will see both Warrnambool's famous Grand Annual Steeplechase and the Grand National Steeplechase increase their prizemoney to $250,000.
Under the previous government, the future of jumps racing was under a major cloud with a proposal to end the sport following a string of fatalities.
But new Racing Minister Denis Napthine, whose constituency takes in the jumps heartland of Warrnambool, has opted to back the embattled sport, leading a series of initiatives with Racing Victoria.
Among the latest splurge on the jumps community, RV and the Victorian government have agreed to co-fund a second set of obstacles that will further RV's commitment to optimising safety within the sport.
The new training obstacles will be located in the Western District, helping consolidate that area as the hub of the sport.
But more significantly, RV has committed to fund an $8.85 million prize money budget over the next three years.
A Government contribution from unclaimed dividends will see minimum prize money increased to $20,000 per race, while the prize money for the Grand Annual Steeplechase and Grand National Steeplechase will jump 66 per cent and 25 per cent respectively to $250,000 each from 2012.
"Racing Victoria is committed to providing enhanced opportunities for the education of jumps horses and riders to further the improvement in safety made since the conclusion of the 2009 season," RV Chief Executive, Rob Hines, said.
"The second set of obstacles will be a welcome asset for the jumps racing industry, particularly in the western districts of the state, and will allow greater flexibility in programming trials and schooling horses in preparation for competition."
"In consultation with the AJRA we have defined a funding package for the next three years that complements the Government's recently announced commitment to jumps racing and sets out a clear funding pathway for the future."
The AJRA is now funded to provide promotion for the sport, and it's once highly criticised chief Rod Rae delighted with how things have changed over the past 12 months.
"This overall commitment will send a strong message to industry participants that jumping racing is here to stay," Rae said.
"We are extremely pleased with the safety performance of jumping racing over the past two years and everyone is to be congratulated. It is second to none and we have established a new benchmark for world's best practice."