Jockeys are paid 5% of a horse's total prize money for each race. In 2020, the winner, Jye McNeil, will get $220,000. The second-place jockey receives $55,000 in prize money, while the third-place jockey receives $27,500. Fourth, fifth, and sixth place jockeys also receive payments of $22,050, $11,250, and $5,625 respectively. Australian jockeys are among the highest-paid jockeys in the world. They usually make between $300,000 and $600,000 annually depending on how well their horses run. The average jockey salary is $450,000. There are no federal laws that govern jockeys in Australia but the country's major racing associations have rules that regulate pay rates and other aspects of the profession. For example, jockeys can't be paid more than 20 times their annual salary. Also, they must keep certain amounts in trust until they retire from the sport. Australia has one of the most lucrative racing industries in the world. The country has just over 200 licensed jockeys compared to Britain's 10,000-plus. However, England's trainer salary is higher because they work with more expensive horses than their Australian counterparts. Licensed jockeys are required by law to wear helmets when riding at public tracks.