No matter which horse crosses the line first today, Australia’s tourism and hospitality industry will be the real winner.

With 325,000 racegoers from 43 countries attending the event last year, the Melbourne Cup is galloping ahead at full stretch.

The event is expected to contribute more than $700 million to the Australian economy, with almost half of this to be from outside Victoria.

The Melbourne Cup has been the winner of the major events category at the Australian Tourism Awards for the last two years running.

Tourism Australia promotes the 154 year old Melbourne Cup as a truly glamorous horse racing carnival with fashion, entertainment, celebrities and elite horses.