Punters are switching off the Melbourne Cup, with a majority of Australians reporting they have little or no interest in what was once “the race that stops the nation”.

According to the latest Essential poll of 1,049 voters, just 11% reported a “high interest” in the Melbourne Cup, down five points from when the question was asked before the 2022 race.

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Despite a lack of personal interest, two-thirds (65%) of respondents agreed the Melbourne Cup is a unique part of Australia’s national identity, down seven points. Just 50% of those aged 18 to 34 agreed.

About half (48%) said it promotes unhealthy gambling behaviour. More than a third (36%) said it normalises animal cruelty, up two points since 2022.

The figures come as an increasing number of brands and sponsors are distancing themselves from the Melbourne Cup and other racing events.