The Victorian Government has announced a new multi-million dollar program to boost prize money and bonuses for Victorian bred racehorses.

The state government will provide $6.8 million over four years to help establish VOBIS Gold.

VOBIS Gold, in addition to the Super VOBIS scheme, will offer $20,000 bonuses for up to 350 races conducted across all ages, classes and tracks.

There will also be an annual $1 million restricted race series exclusively for VOBIS Gold qualified horses held across city and country racecourses.

A total of $18 million in VOBIS Gold and Super VOBIS bonuses will be on offer in Victoria each year with entry into the VOBIS Gold program courtesy of a one-off $1000 fee for qualified yearlings.

Under the scheme, the owner of a qualified VOBIS Gold and Super VOBIS bonus horse winning a standard $12,000 Victorian country race will collect $25,235 compared to $6,825 for an unqualified horse.

Similarly in Melbourne, the owner of a horse in those schemes that wins a standard Saturday metropolitan race will collect $72,800 compared to $42,700 for an unqualified horse.

This season’s yearling crop will be the first to compete for VOBIS Gold bonuses when they hit the racetrack from late 2012.

The one-off yearling entry fee will be due on 1 June each year with the nomination form and details for the initial crop to be distributed in early 2012.