Half Yours is trained in Australia by father and son Tony and Calvin McEvoy.
The 5-1 favorite Presage Nocturne finished 19th in what was the 165th running of the two-mile race.
O’Brien’s Al Riffa was seventh and Absurde eighth ahead of fellow Irish trainer Willie Mullins, while Meydaan finished 10th ahead of British trainers Simon and Ed Crisford.
Melham said she knew she would finish first the moment she passed her husband Ben, a fellow jockey who rode Smokin’ Romans. His horse finished 14th.
The 29-year-old, who returned to racing in 2023 after a bad fall, said she has had a great year.
“I’m married and have had some great days on the job, but nothing will ever compare to this feeling right now,” she said.
Melham also paid tribute to her grandfather, who passed away last week.
“The last thing he saw was the Caulfield Cup and he was a big supporter of me,” she said.
“So he’s up there to open those holes for me, because I needed some holes at the time.”
Michelle Payne, the first woman to win the Melbourne Cup in 2015 over 100-1 outsider Prince of Penzance, spoke to Melham after the race and said: “Welcome to the club.”
The 80,000 strong crowd at Flemington braved a cold, wet and windy day to witness what is often called the ‘race that holds a nation back’.
The Melbourne Cup was first held in 1861 and is worth 10 million Australian dollars (£5 million), making it the richest handicap race in the world – a type of race in which each horse is assigned a weight depending on its ability and past performance, as a way of leveling the playing field.
However, the race remains a controversial event and has led to demonstrations over animal welfare in recent years.
Between 2013 and 2020, six horses died during or after competing in the Melbourne Cup – four of them as a result of injuries sustained during the race, leading to race organizers introducing additional safety measures.
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