Join RNZ for live coverage of the 159th running of the Melbourne Cup at Flemington Raceway.
This year's event, the 159th running of the race, has been overshadowed by an ABC investigation, which found thousands of former racehorses are being destroyed each year.
Before we get to that, here's a run-through of the event.
Basic race info
The Melbourne Cup Group 1 race is held, as it is every year, on the grass track at Flemington Raceway on the first Tuesday of November at 3pm Australia Eastern Daylight Time (5pm NZT).
The 3200m handicapped race is the seventh of the day at Flemington and features 24 horses.
A handicapped race means the jockey, the saddle and gear must all weigh the same for everyone.
To qualify, the horses must be at least three years old, and each year more than 300 horses are nominated for the event.
A ballot is used to draw the field, but the winners of 13 races, including the Caufield Cup and Cox Plate, gain entry automatically.
Total prize money for the race is $AU8 million ($NZ8.6m).
The weather in Melbourne is expected to be fine for the race, reaching a maximum temperature of 19 degrees celsius with light winds from the north west.
The horses competing
1. Cross Counter
Jockey: William Buick
Trainer: Charlie Appleby
2. Mer De Glace
Jockey: Damian Lane
Trainer: Hisashi Shimizu
3. Master of Reality
Jockey: Frankie Detorri
Trainer: Joseph O'Brien
4. Mirage Dancer
Jockey: Ben Melham
Trainer: Trent Busuttin and Natalia Young
5. Southern France
Jockey: Mark Zahra
Trainer: Ciaron Maher and David Eustace
6. Hunting Horn
Jockey: Seamie Heffernan
Trainer: Aidan O'Brien
7. Latrobe
Jockey: James McDonald
Trainer: Joseph O'Brien
8. Mustajeer
Jockey: Damien Oliver
Trainer: Kris Lees
9. Rostropovich
Jockey: Dwayne Dunn
Trainer: David & Ben Hayes and Tom Dabernig
10. Twilight Payment
Jockey: Hugh Bowman
Trainer: Joseph O'Brien
11. Finche
Jockey: Kerrin McEvoy
Trainer: Chris Waller
12. Prince of Arran
Jockey: Michael Walker
Trainer: Charlie Fellowes
13. Raymond Tusk
Jockey: Jamie Spencer
Trainer: Richard Hannon
14. Downdraft
Jockey: John Allen
Trainer: Joseph O'Brien
15. Magic Wand
Jockey: Ryan Moore
Trainer: Aidan O'Brien
16. Neufbosc
Jockey: Luke Nolen
Trainer: David & Ben Hayes and Tom Dabernig
17. Sound
Jockey: James Winks
Trainer: Michael Moroney
18. Surprise Baby
Jockey: Jordan Childs
Trainer: Paul Preusker
19. Constantinople
Jockey: Joao Moreira
Trainer: David & Ben Hayes and Tom Dabernig
20. Il Paradiso
Jockey: Wayne Lordan
Trainer: Aidan O'Brien
21. Steel Prince
Jockey: Brett Prebble
Trainer: Anthony Freedman
22. The Chosen One
Jockey: Tim Clarke
Trainer: Murray Baker
23. Vow And Declare
Jockey: Craig Williams
Trainer: Danny O'Brien
24. Youngstar
Jockey: Tommy Berry
Trainer: Chris Waller
What the TAB is saying
The TAB takes in about $10 million in bets in New Zealand on the Melbourne Cup
TAB spokesperson Mark Stafford told Morning Report New Zealand-trained horse Finche is among its favourites, but Japanese horse Mer de Glace is ahead in punters' betting selections.
Mer de Glace won the Caulfield Cup "really impressively" though it was over a shorter 2400m than today's 3200m race.
"All the talk has been about was about [Mer de Glace] - until the rain came. They're not sure whether it's going to go very well on a soft track.
"Finche could even start favourite if it rains a lot today."
He said two New Zealand jockeys had good place chances - James McDonald on Latrobe and Michael Walker on Prince of Arran. "Of all of the Kiwi connections, possibly Prince of Arran with Michael Walker's the best of them."
Chris Waller (L) Photo: Chris Waller website
Many more northern hemisphere horses are competing, with only four from Australasia in this year's race.
"Some people in Australia are saying the 'northern raiders' have almost save the race because when it was just New Zealanders but mainly Australians it was all sort of same-same. Now there's a real rivalry, northern hemisphere versus southern hemisphere."
It's the hardest race to pick, he said, but if he had to chose, his top two would be Constantinople and Finche.
"[Finche] is trained by Chris Waller who started his career in Foxton and now he's the best trainer in Australia as well."
"It's by far our biggest day, it certainly puts a strain on all our systems especially that last half hour" - TAB spokesman Mark Stafford
The controversy
Some just want the Melbourne Cup stopped, and the revelation that thousands of former racehorses are being destroyed each year has sparked vociferous protests in Australia.
Animal rights activists are asking people who are angry about the treatment of former racehorses to say 'Nup to the Cup'
Kristin Leigh, a spokesperson for the Coalition for the Protection of Racehorses, said on Cup day, instead of protesting at the front gates, they are holding an alternative 'Fashions on the Field' party nearby.
"We like to show the public that you can have a really good time without supporting animal abuse.
"People get really dressed up and really wild in outrageous outfits - or they can dress up glamorously if they like.
"We have human races... where the participants are actually willing, not forced," she said.
The coalition wants horse racing come to an end, but but in the mean time is in favour of the industry making improvements, rather than its "token efforts" so far.
"We just want to get through to people in that way " - Kristin Leigh