Victorians celebrate as the Cup returns to full capacity



Melburnians were out and about celebrating the Melbourne Cup as the race that stops the nation returned to full capacity for the first time since 2019, new spend insight from NAB shows.

The insights – provided by Australia’s largest business bank – show during the first four days of the Victorian Spring Racing Carnival, Victorians spent an estimated $97 million at bars, pubs and restaurants – up 34% on the same period a week earlier.

In Melbourne, spend at bars and pubs on Melbourne Cup race day was up a whopping 115%, with the number of transactions also up 135%.

Visitors to the city were also making use of the many tourist attractions around Melbourne, with spend up 21% and the number of transactions also up by 27% – a much needed boost for a city hit hard by the pandemic.

NAB Executive for Small Business, Ana Marinkovic said Melbournians love a celebration with Australia’s most famous horse race a great reason to do so.

“It’s fantastic to see the Victorian Spring Racing Carnival welcome back thousands of punters and fashionistas for the first time since 2019. It’s also great news for businesses across Melbourne as locals and tourists flock to the city to enjoy the racing events at pubs, restaurants and outdoor spaces,” Ms Marinkovic said.

Paul DiMattina – owner of South Melbourne pub, Lamaro’s.

“Big events are back, and as we head into the warmer months it will be great to see more tourists return to Australia’s sporting and arts capital – supporting local businesses across the city and wider state.”

Paul DiMattina, owner of South Melbourne pub Lamaro’s, ensured he had extra staff on to keep up with customer demand.

“Trade around big sporting events such as the AFL and Melbourne Cup is always strong, and this Melbourne Cup race day was like no other,” Mr DiMattina said.

“We haven’t really seen a pullback in spending in reaction to interest rates and inflation yet. There’s still strong appetite for big events and social catch ups as they provide opportunities for us to get out of the house and connect with friends and families – something we couldn’t do for the better part of two years.”



Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Podcasts

Podcast Plug: NAB CEO joins Morning Call to discuss 2024 outlook

In his first Australian podcast, NAB CEO Ross McEwan sat down with the Morning Call Weekend Edition to give his take on the Australian economy and the year ahead.

  • 01.12.2023
  • Time to read 2 min read
  • Business

Businesses woo savvy shoppers during sales season

Australian businesses targeting budget driven consumers have landed record sales with more than an estimated $8.7 billion spent across the four-day Black Friday and Cyber Monday shopping period.

  • 30.11.2023
  • Time to read 2 min read
  • Media Release

NAB partners with Plenti for secured auto/EVs and renewables lending

NAB has agreed to enter a strategic partnership with fintech lender Plenti Group Limited.

  • 28.11.2023
  • Time to read 1 min read

Quick links

Business Research and Insights

For more economic news, insights and analysis, visit NAB’s Business Research and Insights