Mr Purcell, who helps out his son Aaron, a trainer, said the three-day event was the major country carnival in Australia and an important meet on the horse racing calendar.

"It's being treated as a country race meeting with very average prize money," he said.

Mr Purcell said despite this, the races were difficult to win.

"I know trainers who don't come because of the difficulty of winning and the prize money," he said.

"It's easier to go to Donald on a Saturday, which we are with a number of ours this week."

Mr Purcell echoed similar sentiments to trainer Symon Wilde, who said maiden and bench mark races should have higher prize money.

"The prize money needs to be similar to a mid-week city race - start at $50,000 and work up from there," he said.

Mr Wilde told The Standard last month the prize money needed to be higher.

"I think the $35,000 prize money for the maidens and benchmark races is not good enough," Wilde said.

"We want to keep the quality of horses and trainers at the carnival by offering top prizemoney."

Wilde said it was time Racing Victoria and Country Racing Victoria looked at its prizemoney levels.

"The betting turnover from the carnival is huge," he said.

"The costs for owners have increased over the last few years but sadly the prizemoney has not increased."

Racing Victoria chief executive officer Giles Thompson said a review was under way.

"Warrnambool's May Racing Carnival is the jewel in the crown for country racing, not only in Victoria, but across Australia," Mr Thompson said.

"We are reviewing all prize money levels for races in Victoria."

Mr Thompson said an announcement would be made in the coming months.

"An announcement will be made in July regarding the May Racing Carnival's prize money going forward," he said.

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