Albury Council on Monday night backed the holiday for 2020 and 2021 in an application to the state government which must be submitted for final approval before November 8.

The extension of support was passed 5-2 with mayor Kevin Mack and Cr Darren Cameron apologies for the meeting at which deputy mayor Amanda Cohn and Cr John Stuchbery voted against the holiday and Cr Murray King had a late change of heart after speaking against.

Racing club officials including chairman Mark Cronin and chief executive Steve Hetherton were interested onlookers as councillors debated the pros and cons of the holiday.

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Cr Henk van de Ven and Cr Alice Glachan, who both operate small businesses, talked up the economic benefits of the major event despite the impact of closing for half a day.

Cr King said the council report looked at the "benefits and positives", but didn't fully address the impact of businesses being forced to close.

Deputy chief executive Tracey Squire confirmed detailed consultation would be undertaken in conjunction with the Australian Industry Group and chamber of commerce to gain a greater understanding of the impact on businesses when the next application was made.

Cr Stuchbery said he was supportive of major events, but felt the community consultation carried out didn't go far enough.

"No hard or insightful questions were asked so no hard or insightful answers were given," he said.

"The real answers lie in the comments with many coming from local businesses who have concerns about the cost of the holiday and whether their staff attend the Gold Cup or go home and mow the lawn."

Cr Cohn said she opposed the holiday on "social harm" grounds.

"As a GP who works far too many hours in our local emergency department I've seen first hand the damage that gambling addiction and excessive consumption of alcohol can do to our community," she said.

"This is not unanimously supported and somewhat controversial and I would love to see a half-day public holiday that we can celebrate together and is not controversial."

Cr Glachan said the overall economic benefit outweighed the negative impacts.

Mr Hetherton said the club was pleased the holiday had again been approved.

"The club can now move forward with planning the 2020 and 2021 Albury Gold Cup carnivals to ensure we maximise the opportunity to grow the economic benefits to our region," he said.

"The recent $100,000 prizemoney increase to $770,000 emphasised the commitment of Albury Racing Club and Racing NSW in continuing to build on the success of the carnival."