Sydney may fancy taking the Formula One Grand Prix from Melbourne, but it will never get its hands on Australia's richest race.

"Have the Melbourne Cup in Sydney? That'd be over my dead body," Victoria Racing Club vice chairman Amanda Elliott said.

The 2014 Melbourne Cup carnival generated a record $194.9 million value-added contribution to Victoria's gross state product, with the number of out-of-state visits rising by seven per cent.

The inclusion of Japanese runners, among 31 international horses from five countries, helped lift visitation from Asia.

Ms Elliott said the four-day Melbourne Cup carnival is front of mind for people in racing around the world.

"Internationally and certainly now in Sydney everyone in the racing world regards Flemington and the Melbourne Cup carnival as the event they all aspire to and want to have and they're all making big investments to achieve that aim."

Ms Elliott said the NSW government was supporting the Sydney autumn racing carnival to the tune of $10 million and putting more funds into thoroughbred racing.

She said the VRC was happy with the level of government support for its tourism strategy.

"Obviously every bit of support we can get in enhancing our facilities at Flemington, making Flemington the best in the world, is always welcome."

Victorian Tourism and Major Events Minister John Eren said the carnival was "right up there" with Melbourne's other major events such as the Grand Prix.

"Clearly this industry will grow with a lot of international interest particularly," he told reporters on Thursday.

An economic impact study of the Melbourne Cup carnival shows racegoers spent $31 million on fashion and wined and dined to the tune of a $20.9 million benefit for the food and beverage industry.

THE MELBOURNE CUP CARNIVAL BY THE NUMBERS:

* $194.9m contribution to gross state product, up 9.8 pct

* $28.38m accommodation spending

* $20.91m on food and beverage

* $31.4m spending on fashion items

* 325,519 crowd over four race days

* 69,296 out-of-state visitors, up 7 pct

* 46,000-plus interstate visitors; 7700 overseas tourists

* Visitors from 43 countries

* 6141 guests from three cruise ships deliver $8.9m value-added benefit

* 8000-plus guests on four cruise ships in 2015

* Racegoers bought 75,000 hats and fascinators, 61,000 dresses, 17,000 shirts.