Melb Cup holiday stays on Tuesday: premier

The Melbourne Cup will always be run on a Tuesday and won't be moved to a Monday, Victorian Premier Denis Napthine says.

He also ruled out giving Victorians an extra public holiday on the Monday before the cup.

The Melbourne Cup public holiday falls on a Tuesday and some Victorians take the Monday off as well, effectively creating a four-day long weekend.

"Melbourne Cup is the first Tuesday in November, always has been, always will be," Dr Napthine told reporters at Flemington racecourse on Tuesday.

"I don't think there's a need for a public holiday on the Monday.

"What we need to do is make sure we have a great Melbourne Cup on the Tuesday and the spring racing carnival goes right through October and November."

Dr Napthine said the carnival was worth more than $700 million to the Victorian economy.

"We expect over 100,000 visitors from interstate and overseas filling our hotel rooms," he said.

Dr Napthine is backing Signoff, a horse trained at Warrnambool in his electorate, to win the Melbourne Cup.