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The first two of the big three races on the Spring Racing Calendar — the Caulfield Cup and the Cox Plate — have been run and won.
Now we're getting close to the first Tuesday in November, and that means it's time for the most famous horse race on the Australian sporting calendar.
Find out everything you need to know ahead of the 162nd running of the Melbourne Cup.
What time does the Melbourne Cup start?
The Melbourne Cup is scheduled for 3pm AEDT — that's Melbourne time, obviously, and also for those in New South Wales, ACT and Tasmania.
If you're in Queensland, the race will start at 2pm AEST, or in South Australia, at 2:30pm ACDT. In the Northern Territory, it will be 1:30pm ACST, and in Western Australia it will be 12pm AWST.
How do I watch it?
If you want to watch the race, it will be broadcast on Channel Ten, who have the rights to this year's Melbourne Cup Carnival.
Their live broadcast will start at 10am AEDT (equivalent times in other states) and finish at 5:30pm AEDT after the last race of the day.
Racing.com (digital Channel 78) also is able to broadcast the Cup live. Foxtel's Sky Racing is unable to carry the race live but will have it on delay.
The race will also be streamed on 10Play and — for those who have a subscription — on Kayo.
Where can I listen to the Cup?
The big race will be carried live on a number of radio networks — ABC local radio, the Racing and Sports Network, SEN Radio and Nine Radio, plus Triple M in Sydney, Melbourne, Brisbane and Adelaide.
You can also follow the action throughout the day in our live blog.
Will there be crowds at this year's Cup?
Thankfully, normal crowds will be allowed at Flemington to watch the big race for the first time in three years.
The COVID pandemic has meant crowds have been limited to 10,000 last year and banned from the course the year before.
The last time Flemington was open to all crowds on Cup Day was in 2019, when 81,458 people came to the track.
The first day of the Melbourne Cup Festival, Victoria Derby Day on Saturday, had more than 71,000 people through the gates. A crowd of 80,000 is expected on Tuesday.
Will there be Fashions on the Field on Melbourne Cup Day?
Along with the return of full crowds, Cup Day will also have the traditional Fashions on the Field.
Racegoers wanting to show off their style can head to the Fashion Garden in The Park where they can self-register for competitions.
Entrants can walk along the runway or promenade in the garden.
Categories include best dressed, best suited and the family competition.
Who are the favourites?
Two of the top three horses in the market for this year's Melbourne Cup are a bit of a mystery, as they have not raced in Australia prior to the race.
The favourite is English thoroughbred Deauville Legend, training in England by James Ferguson. Deauville Legend won the Great Voltigeur Stakes over 2,385m at York in August.
Behind him is another English galloper, the Irish-bred Without A Fight, trained by Simon Balding for owner Sheikh Mohammed bin Rashid Al Maktoum, the vice-president and prime minister of the United Arab Emirates.
Without a Fight has won two races over a 2,787m distance this year, but like Deauville Legend has not run over 3,200m.
Splitting the pair is the David Payne-trained local galloper Montefilia, who was a flashing fourth in the Caulfield Cup.
The Chris Waller-trained Caulfield Cup winner Durston was high in the Melbourne Cup betting market until he was withdrawn from the race last Thursday on Racing Victoria vets advice. Then-second favourite, Loft, was withdrawn on Friday after scans found an issue with the German horse trained by Marcel Weiss.
Other remaining chances include the runner-up in the Caulfield Cup, Gold Trip, one of five horses in the Cup trained by Ciaron Maher and David Eustace; Realm of Flowers, trained by Anthony and Sam Freedman; and multiple Group One winner Duais who has been set for this race by trainer Ed Cummings, the grandson of legendary "Cups King" Bart Cummings.
The 2019 Melbourne Cup winner Vow and Declare, trained by Danny O'Brien, is also back for a third crack at the race after a sixth place finish in the Caulfield Cup.
Having said all this, it's an open race with the possibility of an outsider taking out the Cup.
Since the final field was announced, it is down to 23, with the withdrawal of Point Nepean.
What will the weather be like?
At this point, we are expecting showery weather up to and including Cup Day.
Cup Day itself is predicted to have cool conditions, with a shower or two — up to 15mm of rain — and a top temperature of 14 degrees Celsius.
Given the amount of rain that has already fallen in Melbourne in recent weeks, these top-ups will mean the track is unlikely to be dry for the race.
This potentially makes for an open race — so check out our big Cup guide and make sure you take stock of horses that go well with a bit of rain.
What is the prize money for this year's race?
The prize pool for the Melbourne Cup is $8.075 million. This includes $7.75 million in cash and a number of trophies worth a total of $325,000.
These include the famous main "Loving Cup" for the winning owner, and trophies for the winning jockey, the winning trainer, the strapper who prepares the winning horse and to the breeder.
The first 12 horses across the line will earn prize money.
The breakdown: 1st $4.4 million, 2nd $1.1 million, 3rd $550,000, 4th $350,000, 5th $230,000, 6th-12th $160,000.
Three per cent of all prize money is deducted and directed to equine and jockey welfare.