Outsider Green Moon has won the 2012 Melbourne Cup, ahead of the Gai Waterhouse-trained Fiorente and the Ireland-bred Jakkalberry.
The Australian-trained horse, ridden by jockey Brett Prebble, held off a host of overseas entrants to win the $6.2 million race at Flemington.
"It was never going to get beaten," Prebble said.
"At 1200m I knew nothing was going to go with him. I pressed him a bit soon but it's hard to wait when you've got so much power underneath you.
"This is the pinnacle of racing in Australia. It was a great feeling."
Green Moon had recently finished the Cox Plate in a disappointing seventh place despite starting that race as favourite.
The horse started the Melbourne Cup as a $20 outsider.
Full 2012 Melbourne Cup finishing order
1st. Green Moon
5th. Mount Athos
6th. Glencadam Gold
8th. Red Cadeaux
10th. My Quest For Peace
13th. Voila Ici
16th. Lights of Heaven
20th. Galileo's Choice
21st. Unusual Suspect
23rd. Tac De Boistron