The Caulfield Cup carnival will see a number of new developments in 2014, including a large increase in prize money and a new 3 year old race.

The Melbourne Racing Club are looking to elevate the status of their main race so it's considered one of the "big four" on the Australian racing calendar.

The prize money will be increased to $3 million, payouts will be increased from 8th to 10th position, and balloting conditions will be altered to further enhance the race.

A new $1 million 3 year old race will also be added to Caulfield Cup day. Called the Caulfield Classic (previously the Norman Robinson Stakes), it will entice the winners of the Caulfield Guineas and Thousand Guineas to compete, with a $250,000 bonus on offer if a horse can complete the double.

The Thousand Guineas will be moved from its normal Wednesday date in the middle of the carnival to Caulfield Guineas day, giving the fillies a chance to fun in both 3 year old events.

The Thousand Guineas prelude will now be run on Sir Rupert Clarke Stakes day, rather than Underwood Stakes Day.

The Wednesday meeting will now be headlined by the Blue Sapphire, which was previously run on the previous Saturday.

Mike Symons, Chairman of the MRC, considers the changes crucial to the development of racing, both in Australia and internationally.

 “The changes to the three-year-old program characterise our desire for Caulfield to be considered the springboard for Australia’s elite young talent. We saw an opening to create another classic race, and we hope the significantly bolstered Norman Robinson will develop into that. Likewise the Blue Sapphire: we believe it is a race with enormous potential."

Caulfield Cup new prizemoney:

1st: $1,750,000 (was $1,500,000)
2nd: $425,000 (was $375,000)
3rd: $225,000 (was $200,000)
4th: $125,000 (was $110,000)
5th: $100,000 (was $90,000)
6th: $75,000
7th: $75,000
8th: $75,000
9th: $75,000 (not paid previously)
10th: $75,000 (not paid previously)