Australia's new national hero Makybe Diva is beginning life as a retiree after making Melbourne Cup history at Flemington.

The mare that stopped the nation won an unprecedented third Cup on Tuesday in front of 106,479 devoted fans to take her earnings to more than $14.5 million.

Jockey Glen Boss guided the Diva to a 1-1/4 length win over On A Jeune with New Zealander Xcellent half a length further back.

Only four other horses had won two Melbourne Cups, and only one of those, Peter Pan, had even attempted a third.

But trainer Lee Freedman, whose five Cups place him second only to Bart Cummings with 11, struggled when asked to compare his winner with past champions.

"I don't want to run Phar Lap down," he said, "but no-one ever saw him win three Melbourne Cups.

"Before today, she was the best horse I have ever trained, now she is the best horse I have ever seen.

"She's done her job. They all go, some go the right way."

Boss, who rode her in all three Cup triumphs, wanted none of the credit for the $3 million win.

"It felt like I could have let go of the reins and she'd just do it," Boss said.

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