International expert Mark Milligan looks ahead to Australia's biggest race of the year and is taking on the hot favourite...
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A classy renewal of the Melbourne Cup
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Vauban hard to beat but price has gone
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Ex-European runner the each-way selection
It used be known as 'the race that stops a nation', though whether the Melbourne Cup still captures the wider Australian public's imagination in the way that it used to is very much up for debate.
Domestic television viewing figures are now less than half of what the race attracted in the early part of this century, and it's clear that horse racing in Australia faces the same battle to stay in the public's consciousness as it does in other parts of the world.
There's also the changing dynamic of the race itself to take into account, as more stringent vet tests mean that the challenge from Europe and other parts of the world is less than it was a few years ago.
All that said, it's still a tremendous horse race and the overseas challenge is a strong one this year, mainly courtesy of Willie Mullins, who heads in two-handed and fields one of the hottest favourites in recent memory in the shape of Vauban.
Classy Vauban clearly the one to beat

A classy hurdler, it was Vauban's return to the flat at Royal Ascot in June that really marked him out as a leading contender for this race.
Lining up in the Copper Horse Handicap under Ryan Moore, the betting told itS own story as Vauban was sent off one of the most heavily-backed runners of the week, and he didn't disappoint, making a mockery of a mark of 101 to come home well clear of stablemate Absurde (who also runs here).
The son of Galiway proved that was no fluke by following up in Group 3 company at Naas under Colin Keane, never too far away and keeping up the gallop well once hitting the front.
His allotted weight of 8st 9lb for this assignment is a handy one, and there appears to be very few chinks in Vauban's armour, the only knock really being his price, which is short enough now in such a large field.
Last year's winner faces stiffer task
The home challenge is headed by last year's winner Gold Trip, who warmed up for the race with a good third in the Caulfield Cup, before running fifth in the Cox Plate over a barely adequate 10f.
One feature of Australian racing that makes it unique is that trainers don't tend to worry about having gaps between races, as can be seen by Gold Trip turning up in a pair of Group 1 races spaced just a week apart.
He now rocks up to defend his Melbourne Cup crown, a race that will be his fourth outing in less than a month - it's hard to imagine any European trainers taking that approach to a major prize.
Gold Trip does appear to thrive on racing, though, so you can be sure he'll be cherry-ripe for this, but his task is a stiffer one than last year, as he now races off a mark higher and would ideally prefer a bit more cut in the ground than he's likely to get on Tuesday.
In-form Fight can mow them down late
While it's hard not to be keen on Vauban's chances, I'm going to side with another runner who'll be familiar to UK racing fans, the ex-Simon & Ed Crisford-trained Without A Fight.
He's been relatively lightly raced since shipping over to Australia and has really found his form this season, taking a pair of Group races at the Brisbane winter carnival before producing a career best in the Caulfield Cup last time, coming with a withering run to grab West Wind Blows in the shadows of the post.
That performance persuaded jockey Mark Zahra to desert Gold Trip in favour of Without A Fight, and there's every chance his faith will be rewarded.
It's probably worth pointing out that some will view this one's chance somewhat negatively given he finished down the field in last year's Cup, though he had a wide trip that day and struggled to get a decent pitch.
He's also a better horse on fast ground and conditions should be much more to his liking this time.
Conclusion
There's little doubt that Vauban is going to take plenty of beating, I'm not telling anyone anything they didn't already know there, but there's no juice in his price now and we do have the benefit of five places on the Sportsbook.
That makes Without A Fight an enticing prospect from an each-way perspective, particularly as he'll have conditions to suit and appears to be a better model than he was this time last year.
Last year's winner Gold Trip will be a danger to all, with the likes of Absurde and Soulcombe also deserving honourable mentions, though I'm hoping the turn of foot that has become Without A Fight's trademark sees him cut down the leaders late in the day.