Jockeys competing at five of Melbourne's feature spring carnival meetings will also be vying for lucrative incentives after the creation of a new series for riders.

The star jockey at the Turnbull Stakes, Caulfield Guineas, Caulfield Cup, Cox Plate and Victoria Derby day meetings will receive a cash prize.

The prize for being the 'Star of the Saddle' on Turnbull Stakes day will be $50,000, the same as Caulfield Guineas day.

The prize for Caulfield Cup day, Cox Plate day and Victoria Derby day will be $100,000.

The jockey who accrues the most points each day will take out that day's prize.

The Star of the Saddle concept adds another dimension to the clash of feature race meetings in both Victoria and NSW this spring, with the prospect of Australia's leading jockeys needing to choose between riding in Melbourne or Sydney.

Caulfield Cup day in Melbourne this year clashes with the third running of the $14 million The Everest in Sydney while the inaugural $7.5 million Golden Eagle in Sydney is being staged on Victoria Derby day.