Jamie Melham has become the second female jockey to win the Melbourne Cup, guiding Half Yours across the line first at Flemington Racecourse.
The Australian is also the first woman to claim the Melbourne Cup-Caulfield Cup double.
Her win comes 10 years after Michelle Payne created history riding Prince of Penzance.
Joseph O'Brien's Goodie Two Shoes held on for second, with Middle Earth coming third and River of Stars finishing fourth.
The Willie Mullins-trained Absurde came home eighth.
Following the victory, Melham told Australia's Nine Network: "This is why we get up out of bed every morning at 4am... it's tough.
"It's not all glorious and perfect, as everyone can see sometimes.
"I've had an amazing year. Got married, had some really great days on the track, but nothing ever, ever compares to this feeling right now I'm feeling."
Half Yours - the only Australian-bred horse in the 24-strong field - was among the favourites to take advantage of the soft track after sporadic rain.
The horse was in a tussle for first place with the JP McManus-owned Goodie Two Shoes coming into the final stretch of the 3,200m race, but Melham kicked at the perfect time to cross the finish line with a multiple-length advantage.
Melham beat her husband Ben on board Smokin' Romans to the finish line, with the two sharing a moment after the race.
