This fillies race was first held in 1949 when it was won by Val Bowl. From 1949 to 1978 it was held over the shorter distance of 6 furlongs or 1200m, then returned to 1400m from 1979 apart from 2012 when it was held over 1200m and won by Urban Groove. Ron Quinton has won this race as a jockey and later as a trainer. As a jockey he rode Affectionate to win in 1969. and has been successful as a trainer with Faith Hill in 2001 and M’Lady Pedrille in 2010.
The race is now held on Everest Day in Sydney along with the $500,000 Group 3 Craven Plate and the $500,000 Group 3 Sydney Stakes. The Caulfield Cup is held in Melbourne on the same day.