The stamps will be released on October 15, as part of the Spring Racing Carnival.

The stamps have been illustrated by Queensland artist Otto Schmidinger and will depict special moments in the races of each horse while at the same time conveying the speed, colour, energy and atmosphere of thoroughbred racing.

Wakeful, Rising Fast, Manikato, Might and Power and Sunline will be the feature Hall of Fame horses.

Nick Moraitis, owner of Caulfield and Melbourne Cup winner Might and Power, was thrilled to hear his beloved horse would be depicted on one of the "Champions of the Turf" postage stamps.

"I thank Australia Post for bestowing this honour upon Might and Power, he had a magnificent career," Moraitis said. "One cannot express the feelings for this great tribute."

"Thoroughbred racing has been an integral part of Australian culture since the nineteenth century," said David Maiden Group Manager Philatelic. "Australia Post is delighted to pay tribute to five truly great champions of the turf."

This is the second occasion in which Australia Post has featured famous race horses on stamps. In 1978 Phar Lap, Bernborough and Tulloch appeared.

Racing fans will be able to purchase the 2002 Champions of the Turf stamps from Australia Post outlets from 15 October, 2002.