The number of people attending the Melbourne Cup has dipped again, for the fourth year in a row.

There were 81,408 racegoers at Flemington Racecourse on Tuesday to watch the Australian-bred, trained, ridden and owned Vow And Declare win the Cup.

That was down slightly from last year's rain-affected number of 83,471, with both years marking the lowest attendance since 1995.

Vow And Declare's part-owner, former NSW politician Geoff Corrigan, acknowledged the recent allegations of animal cruelty involving ex-racehorses that led to a protest outside the course.

“There's a social contract involved with racing,” Corrigan said.

“That social contract's been fractured a little bit in the past two weeks.”

Hundreds of protesters gathered outside the Melbourne Cup in a peaceful anti-cruelty event that was part demonstration, part celebration with live music and costumes.

But Corrigan said he was very pleased with the efforts that have been made by Racing Victoria, Racing NSW and Racing Queensland to address anti-cruelty concerns.

And winning trainer Danny O'Brien does not believe the Melbourne Cup carnival has lost its gloss, even as Sydney racing authorities ramp up the spring competition between the states.

“I've been all around the world to English derbies to Royal Ascot to the Kentucky Derby, but nothing comes close to this.

“You have a whole city that stops, the rest of the country does as well.”

Sydneysider Corrigan called for a time-out on the interstate rivalry.

“I don't think there's any future in putting on more and more of these races that are dragging the states apart and competing with one another.

“I think there has to be some return back to tradition and common sense. There's only so much money and it will eventually collapse if they keep doing it.”

Crowd numbers at the Melbourne Cup have been falling in recent years, last surpassing 100,000 in 2015.

Recent Melbourne Cup day crowds:

2019 – 81,408

2018 – 83,471

2017 – 90,536

2016 – 97,479

2015 – 101,015

2014 – 100,794

2013 – 104,169

2012 – 106,162

2011 – 105,979

2010 – 110,223

Record – 2003 – 122,736 (when Makybe Diva won the first of her three Melbourne Cups).