Going strong for 62 years and considered one of the highlights, Fashions on the Field includes contests over several days at Flemington Course, where the pool prize offered is more than $A370,000 ($NZ408,000).
Even without a competition though, attendees and members at the Melbourne Cup racing itself are known to make an effort to dress up - making a statement with bright coloured outfits and eye-catching head pieces.
The general public can dress as they please, but there are some guidelines for members to adhere to in terms of how much skin they're allowed to show and suitability, otherwise they risk not being allowed in to their designated area.
Clothes deemed not acceptable for members include garments showing the belly button or with an open back below the waist, short jumpsuits/playsuits or shorts above the knee, bralettes and bandeau crop tops, jeans, torn or ripped clothing even if considered 'designer' tears, leggings worn as pants, denim, parkas, and duffle coats.
That's not all, the list also bans certain footwear like joggers, sports shoes, track shoes, runners, slippers, gumboots, or thongs.