What is the significance of Melbourne cup?

It's called the "Race that stops a nation", it draws a on course attendance of 100,000 + each year. It's a public holiday in it's native Victoria, with all other states having major race events to support it.

The prize pool for the race last year was over $6 million dollars AUS, the money taken on the day by the betting agency TAB is phenomenal all over Australia.

In 2010 TAB took $107.5 Million on the race in bets.

It attracts an international field vying for the prize.

For most people in Australia it's a day off work, in my native Western Australia due to the time zone differences of 3 hours, the first race starts around 07:30 am Western time and our last race (trots or dogs) in Western Australia finishes around 11 pm. So it's a long day!