Majority of Australians have little to no interest in the Melbourne Cup this year

The Melbourne Cup has been called the 'race that stops the nation'.

However, it seems like it doesn't have that much of hold on Aussies anymore.

The annual event has been slipping in the minds of people across the country and a new poll has given a damning assessment on how far it's fallen.

An Essential survey of more than 1,000 people has discovered that 62 per cent of respondents had little to no interest in the Melbourne Cup, according to The Guardian.

The people in the 'no interest' camp had 35 per cent of the vote, while 27 per cent had 'little interest'.

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Aussies who have a 'moderate' interest in the Cup made up just shy of a quarter of the vote (24 per cent), which is down seven points, while just 11 per cent said they had a 'high' interest.

Funnily enough, two-fifths of respondents said they would still bet on the race that happens at 3pm.

A little more than a quarter of people who rarely ever put money down for the horses say they will make an exception for the Melbourne Cup.

The two-fifths said they won't watch the race at all and the remaining fifth will watch the race and not bet on it.

There are likely many factors playing into the declining interest in the Melbourne Cup.

The Nup to the Cup campaign has been kicking around for the last few years and has been trying to encourage Aussies to turn their backs on the annual event.

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They believe the race highlights animal cruelty and exploitation; gambling addiction; as well as alcohol, assault and accidents.

The group also believes it 'brings out the worst in us'.

"A vista of empty bottles and rubbish strewn across the manicured lawn of Flemington," their website states.

"Some people passed out, others stumbling home, shoes in hand, stopping to urinate in public somewhere.

"This is the image we have all come to associate with the Melbourne Cup.

"Gone are the days where the races were the place to be seen.

"You could once get dressed up to the nines – nothing wrong with that – and potentially mix with celebrities, rock stars, models and influencers, who had all been paid large sums of money to attend.

"It was a stroke of marketing genius."