The race was first held in 1884 as a Principal Race over 6 furlongs (about 1200m) when it was won by a horse called Chuckster. When the metric system came in the distance was changed to 1200m in 1972 and has remained at that distance except for 2006 when it was held over 1100m at Caulfield. It attained the current Group 3 status in 1980.
It is now part of the new Summer Sprint Series in Melbourne and is the third of the four race series. The other races are the Listed Kensington Stakes at Flemington, Listed Christmas Stakes at Caulfield and the Group 2 Australia Stakes at Moonee Valley. Racing Victoria announced the changed programming in late 2021, and prizemoney for all four of these races has been boosted.