Garfoot - riding solo this year - attacked with four kilometres to go and looked for all money to repeat her 2017 victory. But she ran out of gas in the dying moments, the attack perhaps coming too early for legs tired from a blistering roadnats time trial victory just two days ago.
Malseed living up to her nickname, Dash, sped around the outside of Garfoot while Lauren Kitchen (FDJ - Nouvelle Aquitaine - Futuroscope) - with still enough in the tank after almost 90 kilometres out the front in the break of the day - followed closely behind.
An impressive Grace Brown (Holden) rounded out the podium.
"I'm so lost for words," Malseed said. "It's a dream, an absolute dream!"
"The last kilometre I was just really calm and with the headwind sprint I knew I could get aero, and if I held on the climb, everyone was isolated.
"My first year riding for a professional time, Team Tibco thanks for taking me on.
"And I'm so honoured to wear the national jersey for the entire year."
Kitchen joined Jessica Allen's (Mitchelton-Scott) attack on the first lap with Kate Perry (Specialized), the trio consolidating a four minute lead after the third lap of nine around the 11.5 kilometre parcours.
An attack on the QOM on the fifth lap by Lucy Kennedy (Mitchelton-Scott) split the peloton, leaving a select group of around 16 riders including Amanda Spratt (Mitchelton-Scott), Garfoot, Shara Gillow (FDJ - Nouvelle Aquitaine - Futuroscope) just two minutes adrift from the leaders. Kennedy's attack indicated Allen was only ever a marker to set up either Kennedy or Spratt for a win.
Multiple attacks and cat and mouse tactics saw a further selection on the ensuing laps, ensuring the break was ultimately caught and an eight rider group contesting the final lap.