Caulfield horseman Peter Moody says Australia should host its own international race day to attract the world's best gallopers.
"Why can't we have a day with A$3 million sprint, 1600m, 2000m and 2400m races to put ourselves on the international map?" Moody asked the Herald Sun.
"Every major centre has their big day: the Breeders' Cup in America, Japan, Dubai, the UK and, right now, Hong Kong.
"They have a day but we settle for one race, the Melbourne Cup, a two-mile handicap which doesn't attract the best horses in the world but has prizemoney of A$6.2 million.
"It may be something for the Australian Racing Board to consider. The day probably would be best suited in the autumn.
"There is no reason why it couldn't be run in Melbourne one year, Sydney the next, and even Queensland.
"It would be our international race day, with the world's best horses running over all distances."
Moody said he was not criticising the internationalisation of the Melbourne Cup but the time had come to have international events and a sprinkling of major local races - and then for officials to plough money into "domestic races".
The suggestion follows news the Victoria Racing Club has cut prizemoney by A$250,000 for the Lightning Stakes in February and Australian Guineas in March, now both A$500,000.
Moody wants racing officials to put a cap on major races and financially support "the domestic races".
"How can it be that one of my horses, Manighar, can win three races this year and earn A$2.1 millionwhen the world's champion sprinter Black Caviar has not been beaten in 22 races and has earned only A$6.8 million?"