Indeed!
If you enjoy dressing up, joining in with the crowds, horseracing, betting, drinking and festivities - Melbourne in late October and early November is the place for you. The Melbourne cup is the culmination of the spring racing season and occurs on the first Tuesday in November. It's a metropolitan holiday here too.
If you prefer peace and quiet and relaxation and you're not particularly fond of horses, avoid arriving in Melbourne in early November (I recommend Tasmania (seriously - it's a stunning place) at this time of the year if you're avoiding the blistering heat (it's 32 degrees C here today!), or the Gold coast or Perth and Rottnest Island if you're chasing the sun.)
But come see Melbourne from mid-November onwards - the best time of the year.