UPDATE: AFTER two decades of trying, racehorse trainer Gai Waterhouse has finally won the Melbourne Cup, with Fiorente coming in first in the celebrated race on Tuesday.
Ridden by three-time Cup winning jockey Damien Oliver, Fiorente took out the Cup to the joy of the Waterhouse camp.
In a nail-biting finish, Red Cadeaux followed Fiorente into second place - the second time it has had a podium finish in the race, with Mount Athos placing third.
Ms Waterhouse said her maiden win in the race was a fantastic result and a "dream come true" for her training career.
"It's a race that stops a nation - isn't it nice to have a favourite that can do that?" she told reports at Flemington Racecourse.
"Didn't he ride him a treat? He got back to about 12th and then he just kept trekking up and trekking up."
The 24-horse strong field was seen as the most competitive by pundits in recent years, with few Australian horses among the top internationals in the field
Oliver, dubbed the coolest hand in racing, let Cup favourite Fiorente go at the very last opportunity to win the Group One event in front of more than 100,000 people.
"It is amazing,'' Oliver said of his third Melbourne Cup win.
"It is a dream come true.''
"There are a lot of emotions going through.
"I am so rapt I could be part of Gai's first one.
"She's done so much for racing.''
"Gai was one of the first people to get behind me when I came back.
"There is nothing better than winning this one.''
Oliver said the victory was sweeter for having his wife, Trish, and children here.
The jockey, who has had 98 Group One wins, has spent months on the sidelines after being disqualified a week after the Melbourne Cup last year.
Despite evidence that a breakdown of his marriage and alcohol had played a role in him placing a $10,000 bet on a rival horse in 2010, the disgraced jockey was banished from the industry.
FINISHING ORDER FOR THE MELBOURNE CUP 2013
2. Red Cadeaux
3. Mount Athos
8. Brown Panther
9. Super Cool
10. Voleuse de Coeurs
13. Sea Moon
14. Royal Empire
18. Masked Marvel
19. Dear Demi
21. Green Moon
22. Tres Blue