The race that stops two nations has received a funding boost and will be run for A$10 million on November 4 at Flemington this year.

The new stake makes the Gr.1 Melbourne Cup (3200m) the second-equal richest race in Australia with the Golden Eagle (1500m), run at Rosehill three days prior.

"The Lexus Melbourne Cup is unparalleled in Australian racing generating wagering returns more than six times greater than any other race,” Racing Victoria chief executive Aaron Morrison told Racing.com.

“An increase to A$10 million recognises its incredible value to the sport not just in Victoria, but right across the nation where meetings abound on Melbourne Cup Day.”

The A$1.34 million increase of total prizemoney for the Cup was primarily to reward the connections of those runners that finish 13th to 24th, with those runners now set to earn their owners $100,000 each.

In the funding announcement, Morrison also revealed the Gr.1 Cox Plate (2040m) would run for a stake of A$6 million at The Valley on October 25.

"The final Ladbrokes Cox Plate on the current Valley track will be an iconic part of Australia's racing history,” he said. “Its increase to A$6 million recognises the enormity of the occasion and our desire, with the MVRC, to attract a field befitting this historic event."