Michelle Payne became the first female jockey to win the A$6.2 million (£2.9 million) Melbourne Cup on Tuesday as she rode rank outsider Prince of Penzance to victory in Australia's richest and most prestigious race.

Jumping from barrier one, Payne bided her time until well into the final straight before pushing the 100-1 shot clear of the pack 200 metres from the line and held off a charging Max Dynamite by three-quarters of a length.

Criterion crossed the line third in the gruelling 3,200 metre handicap at Flemington racecourse.

"My sister Margaret and I both had a feeling we would win this race," Payne said in a trackside interview.

"It's such a chauvinistic sport, a lot of the owners wanted to kick me off.

"Everyone else can get stuffed (who) think women aren't good enough."