Fiorente wins Melbourne Cup

Bookies favourite Fiorente has claimed victory in the 153rd Melbourne Cup today, going one better than last year's effort to give Gai Waterhouse her first win in the biggest event on Australia's racing calendar.

Fiorente crossed the line just ahead of Red Cadeaux at Flemington racecourse, with jockey Damien Oliver tasting success in the Melbourne Cup for the third time in his career.

The pre-race favourite still had plenty of work to do heading into the home straight, with Red Cadeaux setting the pace heading towards the final turn.

Mount Athos was also a live contender in a thrilling finale but had to settle for third place, as Oliver drove Fiorente beyond Red Cadeaux and a length clear at the tape.

The Michael Owen co-owned Black Panther came home eighth out of 24 runners, recovering to finish despite being struck early on.