Connections of horses racing in Victoria will be the beneficiaries of an additional $40 million in prize money due to be rolled out in the new year.

The extra money follows a commitment from the recently returned Victorian Labor government to support the racing industry to the tune of $33 million.

Racing Victoria has committed to boosting the package beyond $40 million over the next two years.

Prize money increases will be across the board, ranging from standard country TAB meetings receiving a $2000 increase all the way to Listed and Group Three races having their minimums boosted.

With the latest increases and the introduction of the All-Star Mile, there will be $255 million in prize money on offer, an increase of $82 million, or a 47 per cent rise since 2015.

VICTORIAN STAKES INCREASES

Country TAB - Standard $22,000 (up from $20,000)

Country TAB - Premium $35,000 (up from between $25,000 & $30,000)

Country TAB - Night $35,000 (up from between $20,000 & $30,000)

Metropolitan - Midweek $50,000 (up from between $30,000 & $40,000)

Metropolitan - Public Holiday $60,000 (up from $40,000)

Metropolitan - Saturday Standard $125,000 (up from $100,000)

Metropolitan - Saturday Three-Year-Old Races and Staying Races (2000m+) $135,000 (up from $120,000)

Metropolitan - Saturday Pathway Races $75,000 (up from $60,000)

Listed Races $140,000 (up from $120,000)

Group Three Races $160,000 (up from $150,000)