Racing Victoria has announced a tenth race on Saturday’s will be trialled for 12 months commencing from the new season in August.

The extra race will carry $80,000 in prize money and will provide a broad mix of opportunities for connections, with some of the smaller stables to be beneficiaries.

A total of $3.52 million will be made available with the inclusion of the tenth race which is seen by RV as a way of injecting betting turnover to their coffers.

RV is facing a potential $30 million shortfall in funding next season due to a downturn in wagering and a delay in returns from the Point Of Consumption Tax and is seen as a ‘one-off’.

It will reduce prize money for some top end races along with premium country benchmark 64 races and midweek metropolitan meetings.

The All Star Mile will be reduced from $5 million to $4 million next season while the early spring Group 1 races – the Memsie Stakes, Makybe Diva Stakes, Underwood Stakes, Moir Stakes and Turnbull Stakes – will be reduced from $1 million to $750,000.

Other notable prize money reductions include the Moonee Valley Gold Cup, The Bart Cummings, Alister Clark Stakes, MVRC Vase and the VRC St Leger.

Country premium benchmark 64 races will fall from $37,500 to $35,000 while midweek metropolitan races, with the exception of maidens, will fall from $55,000 to $50,000.

There will be a reduction to $65,000 for public holiday meetings, with the exception of Black Type races.

In total $2.5 million will be saved from those prize money cuts while RV will minimise their costs and at the same time there will be a contribution from the Industry Sustainability Fund to deliver more than $315 million in prize money on Victorian racing.

RV Chief Executive Andrew Jones said the growth in prize money and bonuses on offer over recent years has been extraordinary.

“The $315 million plus on offer next year is 80 per cent more than 2015 and $25 million up on two years ago,” Jones said.

“As revenue has grown so too has prizemoney, at record rates. As revenue declines, so must expenses and the reality is prize money is not immune to that.

“We’re minimising the impact on participants and owners of that declining revenue by delivering cost savings and drawing upon the Industry Sustainability Fund.

“The challenge for the industry now is to return to growth in tougher economic times. That requires an efficient and aligned industry, and a relentless focus on fans and punters.”