Cairns is set to host what has been touted as Australia's answer to the famous Hawaiian Ironman, with a triathlon event called 'Challenge Cairns', involving a 3.8km swim, 180km bike ride and 42km run.

The triathlon aims to attract around 1,000 athletes from all over the world, and the record prize money on offer will be a great incentive for the world's best to head to Far North Queensland.

Cairns Challenge will be held for the first time on 5 June 2011 and is set to become an economic bonanza for the area with millions of dollars to be spent by participants, event organisers, and spectators.

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The event was secured after negotiations between Challenge organisers, Cairns Regional Council, State Government, and USM Events who manage large scale sporting and entertainment events around Australia.

The Port Douglas hinterland can expect to form part of the course, much to the delight of TPDD's Executive Officer, Doug Ryan.

“Recent negotiations between Tourism Port Douglas & Daintree and the organisers ensured Port Douglas would be highlighted in the Challenge,” he said.

"All in all, itʼs a result which means not only potentially thousands of competitors and their families and entourages staying in our region and the economic benefits that flow on from that, but also the immense publicity that the organisers of this event have indicated they have locked in."

Tourism Media Group managing director, Sam Cullen, said major events played an important part in attracting people to the area.

"We see Challenge Cairns as a great addition to the adventure sport format in Far North Queensland. We can expect a large influx of visitors with this event and the upcoming Solar Eclipse Marathon in 2012."