The 166th 'Race that Stops a Nation' is set to take place this afternoon in Melbourne.

The morning has brought rain, and with it a possible new winner of the $10 million race.

7.4mm of rain has fallen in the last 24 hours at Flemington, with the track rated a Soft 5, according to Racing Australia. Earlier in the week, the course was rated a Good 4.

The downgrade has been enough of a change to slightly favour horses with proven results on wet ground.

The Lexus Melbourne Cup Day

As is typical of the day, 10 races of different lengths will run. Over the course of the day, a total of 140 horses will take to the track in an attempt to claim their own victory.

The Lexus Melbourne Cup is the longest of the races, with the 3200m typically run in around three and a half minutes.

The 3pm race is the richest race of its length across the world, subsequently attracting international horse and jockey talent from across the world every year.

Its enduring significance on the global scale makes it even more special when we see Aussie talent shine.

Last year's Melbourne Cup winner Half Yours was the only Australian-bred horse on the track, led to victory by jockey Jamie Melham, who became the first female to win the both the Caulfield and Melbourne Cups.

Half Yours won't take to Flemington today, after suffering a fall in the Caulfield Cup a few weeks ago.

Live: Race day schedule and results

All times listed are in AEDT. Channel 9 and 9Now are airing the race day directly from Flemington Racecourse.

Race 1 – 10:45am Darley Maribyrnong Plate (1000m)

1st place: Amelia's Affair (n. 6) ridden by D Lane

2nd place: Royal Press (n. 1) ridden by J McNeil

3rd place: La La Lilly (n. 8) ridden by M Dee

Race 2 – 11:20am Pin & Win Community Handicap (2000m)

An incredibly tight race, results were delayed following intense review following a dash in the final 100m, eventually naming two horses and jockeys in 4th place.

1st place: Yauson (n. 13) ridden by Jordan Childs

2nd place: Mr O'Reilly (n. 12) ridden by L Bates

3rd place: Military Academy (n. 1) ridden by D Stackhouse

Race 3 – 12:00pm TAB ONE POOL Trophy (1800m)

1st place: Billycat (n. 10) ridden by D Yendall

2nd place: Mister Whiskers (n. 1) ridden by J Stanley

3rd place: Star of Macedon (n. 9) ridden by B Shinn

Race 4 – 12:40pm The Schweppervescence Plate (1000m)

Race 5 – 1:20pm Australian Heritage Cup (2800m)

Race 6 – 1:55pm Asahi Super Dry Plate (1800m)

Race 7 – 3:00pm Lexus Melbourne Cup (3200m)

Race 8 – 3:50pm Crown Amanda Elliott (1400m)

Race 9 – 4:35pm The Hong Kong Jockey Club Stakes (1400m)

Race 10 – 5:15pm Channel 9 Trophy (1400m)

Isabella Briscas
Isabella is a recent Communications and International Studies graduate from the University of Wollongong who loves all things analysis. She enjoys reporting on news across multiple sports, and researching trends and community reactions to events in the sporting community.