Racing New South Wales have announced their plans over a new mouth-watering, A$8 million - (£4.6million) race, which would commence next year.
Details of the proposed race were released on Tuesday morning over a potential new mile contest, that will be staged on either Cox Plate or Victoria Derby day - most likely the latter.
The reasons behind the decision, were that the stewards and officials involved in Racing in Australia, felt that the sport as a whole needs to do more to create opportunities for increased media exposure, and to attract further global names to tackle stars from the land from down under.
Many races in Australia - including the Blamey Stakes, which is now worth an incredible purse of $5 million, are seeking growth in prize money, similarly in the way the Ebor Handicap at York in England has been boosted to £1 million.
A gap in the market has been spotted by the Aussies, and there will be more to follow in the coming weeks, should the plans get the green light.