Victoria's annual Spring Racing Carnival marks a high point on the calendars of horse-loving punters and fashion mavens alike. Race events run throughout the season, at Flemington, Caulfield, Moonee Valley and Sandown metropolitan racecourses.

Nowhere comes alive more than Melbourne on the first Tuesday in November, when the swiftest of horses gallop on the track at Flemington Racecourse for the Melbourne Cup, one of the world's richest horse races.

Known as 'the race that stops a nation', it does just that. More than 100,000 eager race lovers stream into the grounds to see the turf fly and hold their breath for the winner to cross the line.

Fashion is as much a draw as the race itself. Melbourne race-goers don their creative finest for this high-profile trend-setting event. Glamorously attired Australian and international stars hobnob in race-side marquees — alongside politicians, sporting heroes and elites.

Everywhere you look fascinators flourish, spring dresses dazzle, suits are sharp, and the champagne flows.

This vibrant atmosphere spills into the city and suburbs in racing season, as the stylishly dressed come out to play in restaurants, bars, bandrooms and boutiques: all of them hoping they've backed a winner.

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