MELBOURNE: Buckaroo and Vauban head into Tuesday’s Melbourne Cup as joint favorites in Australia’s “race that stops a nation,” where there will be a record four women jockeys.

First run in 1861, the punishing 3,200-meter (two-mile) handicap at Flemington is regarded as the ultimate test of stamina and staying power.

With Aus$8 million ($5.25 million) at stake, the winner of the 24-strong field will bank Aus$4.4 million and instantly become a household name in Australia, where the race is a cultural institution.

Carrying 54.5kg, the Chris Waller-trained Buckaroo finished second at the Caulfield Cup over 2,400 meters this year, on the back of two wins earlier in the season.

Drawn out wide in barrier 21, the six-year-old gelding has again been entrusted to Brazilian Joao Moreira — twice a runner-up — with its odds shortening after red-hot favorite Via Sistina was axed last week.

Also trained by Waller, Via Sistina stormed to victory by eight lengths in the Cox Plate at Moonee Valley last month, propelling the mare through the rankings.

But owner Yulong Investments has opted to rest her.

“Buckaroo is the form horse,” said Waller, who trained 2021 Melbourne Cup winner Verry Elleegant and has four starters in Tuesday’s race.

“He has come through his Caulfield Cup run really well.”

Another highly rated contender, Irish import Jan Brueghel, was scratched after failing a vet inspection, reportedly due to weakness in a lower leg.

The four-year-old had won all four career starts since arriving in Australia a month ago and miffed trainer Aidan O’Brien blasted the decision as “ridiculous.”

With those two out, top-weight Vauban (55.5kg) firmed as joint favorite after drawing barrier 11 and with top English jockey William Buick on the reins.

Foaled in France but Irish trained, Vauban jetted into Australia last year as a hot tip to win but failed to deliver, finishing 14th and struggling in the heat.

Trainer Willie Mullins is nevertheless confident after the seven-year-old’s second place at the Irish St. Leger in September behind superstar stayer Kyprios.

“As we know, you just don’t arrive and pick up the prize,” Mullins told reporters.

“Last year a lot of people had us marked down for that, but I think our horses’ preparations this year have been good.

“Vauban’s form has been very good all season and he brings great depth of form into the race.”

Ace jockey Mark Zahra has ridden the last two Melbourne Cup winners — Without a Fight and Gold Trip— and will again be in the hunt, this time on five-year-old stallion Circle of Fire, currently third favorite.

But he has his work cut out after drawing the widest barrier possible at 24.

“Twenty-four is ordinary... but Mark’s flying so it won’t matter,” said trainer Ciaron Maher.

Kerrin McEvoy is looking for a fourth win, steering Absurde, another from the Mullins stable.

Four women jockeys are in the race, more than ever before.

Jamie Kah will saddle up Okita Soushi alongside Rachel King (The Map), Winona Costin (Positivity) and British star Hollie Doyle (Sea King).

Michelle Payne is the only woman rider to win the Melbourne Cup after she steered Prince of Penzance to victory in 2015.