The fascinators are out as Flemington hosts another edition of the Melbourne Cup, but questions are mounting over whether the historic event still commands the country's attention. With declining television ratings, dropping crowd numbers, and growing animal welfare scrutiny, the famous fixture faces an uncertain cultural future.

On this episode of The Summary, host Josh Bryant examines how a nineteenth-century handicap became a national institution and whether modern Australia is falling out of love with it. Historian and author Jim Haynes reflects on the origins of the race, how it cemented itself in the Australian psyche, and its endurance through major global disruptions. Then, journalist Eddie Summerfield reports trackside from Flemington on the ground-level atmosphere, the continuing impact of the "Say Nup to the Cup" movement and shifting punter habits.

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