Jamie Melham became only the second female jockey to win the A$10 million Melbourne Cup on Tuesday, steering "Half Yours" to victory in Australia's "race that stops a nation".

The five-year-old gelding pulled clear in the final stretch on a soft track to outpace "Goodie Two Shoes" and "Middle Earth" by 1.5 lengths in the energy-sapping 3,200-metre handicap at Flemington.

"Oh my God, this is what we do it for," said Melham, formerly Kah, who came third last year aboard "Okita Soushi" and won the Caulfield Cup on the all-Australian "Half Yours" in her last ride.

Melham is the first woman to win the Caulfield Cup-Melbourne Cup double.

"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," she said.

"I've had an amazing year," the 29-year-old added. "Got married, had some really great days on the track, but nothing ever, ever compares to this feeling right now."

Her husband Ben Melham was also racing, finishing 14th on "Smokin' Romans".

She joined Michelle Payne, who famously steered 100-1 outsider "Prince of Penzance" to glory in 2015, as the only women to win the race with the pair embracing afterwards.

"We have so many young girls coming into our industry and to see her win the Caulfield and Melbourne Cup double is just so fitting. She is such a hard worker," Payne said. (AFP)