It's the race that stops the nation but let's face it, the real sport for so many of us is the fabulous frock watching.
And when it comes to fashions on the fields, our favourite Aussie names always bring their A game.
First to arrive for the day is model and businesswoman Lindy Klim, whose making a statement in a bold fuchsia shift dress. Proving you don't always need an OTT fascinator, the mother-of-four opted for an understated silver headband, which matched her peep-toe metallic heels and bag.
Meanwhile, cute couples like Andy Lee and Rebecca Harding, Kris Smith and a pregnant Sarah Boulazeris and The Bachelorette's Georgia Love and Lee Elliott have brought some much needed sunshine-y vibes on the rainy Melbourne day.
So grab the bubbles, pick a horse based on the best-sounding name and click through our gallery as we round up for all the fashion, fun and festivities from the day's events!