The race that stops the nation is back for the 163rd time.
Australian racing fans will turn their attention to Flemington Racecourse come Tuesday afternoon when 24 horses compete in the 3,200 metre race.
Here, Daily Mail Australia gives you a guide on when the race starts, how to watch it and which horses to look out for.
Aussie racing fans are gearing up for this year’s Melbourne Cup
What time does the Melbourne Cup start?
The Melbourne Cup 2023 time of race is 3pm AEDT, which is in NSW, Victoria, the ACT and Tasmania.
Those in Queensland can watch the race at 2pm AEST, while South Australians can tune in at 2.30pm ACDT.
The race will be available to watch at 12pm AWST in Western Australia, and 1.30pm ACST in the Northern Territory.
The Melbourne Cup is the seventh race in the program.
Where can I watch it?
What channel is Melbourne Cup on? Channel 10 has the rights to this year’s broadcast, with coverage kicking off at 10.30am AEDT.
Racing.com, 10play and Kayo, will also stream the event.
It will also be broadcast on radio stations RSN, SEN, Nine radio, ABC local radio and Triple M.
The event will kick off at 3pm AEDT, which is in NSW, Victoria, the ACT and Tasmania
Who are the favourites?
With 24 horses and jockeys battling it out, there are already a few frontrunners to win the Cup.
Gold Trip, trained by Ciaron Maher and David Eustace and ridden by jockey James McDonald is looking favourable, having won last year.
Without A Fight is also set to be popular with punters, having won this year’s Caulfield Cup.
Other favourites include Vauban, trained in Ireland, and Soulcombe.
What is the prize money?
The first dozen horses to cross the line at this year’s Melbourne Cup will take home a combined $8million.
The winner will pocket $4.4million, while second place will win $1.1million and third $550,000.
The first dozen horses to cross the line at this year’s Melbourne Cup will take home a combined $8million