Melbourne Cup Carnival 2016 as it happened

Almandin has taken out the 2016 Melbourne Cup, with a thrilling win in the race that stops the nation.

The 12-1 shot gelding managed to deal with the damp and windy conditions the best, crossing the line first ahead of Heartbreak City and Hartnell.

Victory gave jockey Kerrin McEvoy his second win in the Cup, following his breakthrough success on Brew in 2000.

The 16-year period is the longest stretch between wins for any jockey in the Great Race.

For Lloyd Williams, he becomes the first owner to have won five Melbourne Cups, thanks to the 7-year-old Robert Hickmott-trained gelding.

HOW THEY FARED: Where your horse placed in the Melbourne Cup

THE LUCKY PUNTER: The man who turned $10 into $241,000 on the Cup

If you didn't have any luck in The Cup, don't stress, there's still more to come on a scintillating day at Flemington.

Follow all the action live here.

Of course, for many Australians Melbourne Cup day is as much about the fashion as it is the horse racing so without further ado, here are some of Flemington's best frocks.

STAR POWER: The best dressed celebrities at the Melbourne Cup

ON POINT: The top trends at the track

RACE TEN: The last race of the day has been taken out by Artistry, with the placings going to Shillelagh and Silent Sedition.

RACE NINE: The penultimate race of the day is taken out by a fast-finishing Flippant, with Faatinah and Supreme Effort rounding out the minor placings.

RACE EIGHT: Fabrizio makes it a third win on a terrific day at Flemington for trainer Gai Waterhouse, with a comfortable victory in the James Boag's Premium Steaks, ahead of Tucanchoo and Desert Jeuney.

RACE SEVEN: This is the one everyone had been waiting for and it didn't disappoint. Almandin took the honours in a classic 3200m contest, winning the Melbourne Cup ahead of Heartbreak City and Hartnell.

WHAT A SPORT: Beaten jockey Moreira the first to congratulate McEvoy on win

RACE SIX: This one couldn't have been any closer. It goes to a photo finish and this time Gai's horse comes up just short. Jennifer Lynn wins the Lexus Hybrid Plate by a nose from Prompt Response, with Invincibella third.

RACE FIVE: There was no catching Speedeor in race five, with a healthy lead into the straight turning into a comfortable win ahead of Biased Witness and Hellbound.

RACE FOUR: Demonstrate takes out the honours in the fourth race of the day, the Lavazza Prontissimo. Sovereign Nation and Give us a Go have to settle for the minor placings.

RACE THREE: The Chris Waller-trained Kinema has stormed home to claim a thrilling victory in race three. A photo finish sees Firenze and Four Carat eventually awarded second and third place.

RACE TWO: Gai Waterhouse has done it again with Sort After giving the master trainer her second straight victory in race two. Metaphorical came in second and Amarela took out third place.

RACE ONE: A cracking start to the carnival sees Gai Waterhouse charge Invincible Star take out the Ottawa Stakes in the opening race at Flemington. Lucky Louie and Madeenaty took out the minor placings.

WHO OUR LEADERS BACKED : PM and Premiers pick their winners

FACTS AND FIGURES: Melbourne Cup by the numbers

CARNIVAL ATMOSPHERE: Thousands of fans to flood Flemington for Melbourne Cup day