Not if they ever want to ride a horse in Australia again! Even if the stewards didn't discover it I can't imagine the owners/trainer being too happy about a jockey intentionally restraining the horse just to make a few bucks on the side.

More likely explanation is that the horse should never have been at odds-on in the first place and it is only mug punters throwing their money away! My opinion is it is generally unwise to back any odds-on runner - either look for value in the other runners or just watch the race and keep your money in your pocket for better opportunities.

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"Computers can do that????" - Homer Simpson