Not just school kids
November is university exam time. When I was a uni student (not in Victoria), I always seemed to have an exam on cup day (not a holiday where I was, being outside Victoria). If the exam was in the afternoon, as soon as the Cup was run and won, an invigilator would write the result on the whiteboards at the front of the exam hall while the exam continued.
This is how the Great Southern Land emphasises its heritage and brings foreign students into our culture.
Icon, cos it was an IT degree.