The horse race that stops two nations gets underway at 5pm NZ time.
The Melbourne Cup from Flemington Racecourse features Kiwi jockey James McDonald riding the favourite Yucatan.
The other Kiwi rider is Michael Walker aboard A Prince of Arran.
There are two Kiwi trained horses running, Sir Charles Road and Zacada, although neither are fancied to win the iconic race.
The winner will pocket a cool $4.3 million and there is over $7.9 million in prize money on offer.
The race is 3,200 metres long and takes around three minutes.
Twenty four horses compete in the race.
Scroll down for live updates.
WINNER - Cross Counter has won the Melbourne Cup with Marmelo and A Prince of Arran coming second and third. Rain had threatened to disrupt the day, but the sun came out and the track dried up.
2.45pm - Rain has affected the racing at Flemington Racetrack with races being pushed back. The Melbourne Cup’s famous punters aren’t put off though and many have covered their glad rags with plastic coats.
2.50pm - The heavy rain has meant the track has been downgraded to heavy 8.
3.00pm - Reports are coming the rain has caused a small section of roof to collapse in the Flemington press room.
3.07pm - Channel 7 has reported it could take a while for the water on the track to subside otherwise there is a chance the race could be called off.
3.30 - Race five was won by Legend of Condor with Feared Eyes second and and Heaven’s Deal third.
3.37pm - Some bad timing for Ladbrokes in Australia, heavy betting caused their website to go down, on the biggest horse racing betting day of the year. You can bet someone in IT is getting an earful.
In a tweet Ladbrokes said: "We are currently having some technical issues. Our team is working on this urgently and we understand that the timing couldn't be worse."
3.45pm - After a fairly dry September and October more than two months' rain has fallen in Melbourne on Cup day – what are the odds?
3.50pm - Good news for race fans, chief steward Robert Cram has told media the racing programme will continue to be monitored throughout the day.
"We've been in contact with the Bureau (of Meteorology) and they've informed us that the rain will continue over the next hour but will clear."
"Our aim is to run the Cup at 3pm if possible."
3.52pm - Not such good news for Victorian race fans though, flooding and lightning strikes in the state have caused major power cuts, leaving hundreds of homes without power, and so no TV to watch the race on.
3.57pm - What is going on in Australia? Another betting website is down.
4.10pm - In case anyone is interested in the warm up races the aptly named Pohutukawa has won race six, followed by Madam Rouge and Into the Abyss, which is what almost happened to the track.
4.12pm - It’s less than 50 minutes until the big one.
4.21pm - Flamboyant British billionaire Dr Marwan Koukash says he will strip down to a g-string if his horse wins. That horse is Magic Circle and it is one of the favourites, so maybe Dr Koukash should unpack his g-string.
4.22pm - If Magic Circle does win it will break the curse of no British trained horses winning the Melbourne Cup.
4.30pm - The rain has stopped at Flemington and the track is apparently looking good now. Singer Sam Smith has just finished up entertaining the crowds with a two-number performance. The booze is flowing and the crowd is in good spirits, It’s looking more like Melbourne Cup day. Not long to go now.
4.37pm - Less than 30 minutes to go and still a couple of betting websites are down. Have they tried turning if off and on again?
4.45pm - My apologies this is my first time live updating and I have just realised I have done it the wrong way around. I should have put the new post at the top. You live and learn.
4.49pm - The horses are making their way to the starting gate. The track has dried out well and commentators on trackside say it’s not that soft.
4.53pm - Just over five minutes to go.
4.58pm - The jockeys and horses are warming up by the starting gate.
4.59pm - Doesn't look like it will start bang on five, the horses are being taken in to the gates.
5.00pm - The race lasts around three minutes, so by the time I type they are off it might all be over.
5.01pm - They are off
5.02pm - They are bunched up tight with the lead changing all over the place.
5.03pm - Runaway is the early leader. Finche in second and Vengeur Masque in third.
5.04pm - Cross Counter has won the Melbourne Cup comig from nowhere. Marmelo and A Prince of Arran came second and third.
