They say it's the race that stops a nation - but that doesn't adequately explain why an Aussie horse race should also bring New Zealand to a grinding halt on the first Tuesday of every November.
Basically, the Melbourne Cup is another chance for us Kiwis to stick it to Big Brother on their home turf and it's something we've done remarkably well over the event's long history.
The Cup is arguably the most prestigious racing event in the southern hemisphere, dating back to 1861. It's literally a public holiday in the Victoria state capital and some regional centres.
These days, the race consistently attracts more than 100,000 spectators to the Flemington Racecourse, with 122,000 in 2003 standing as the record.
It has endured where very few other sporting occasions have - it hasn't missed a beat over those 156 years, continuing through both World Wars.
In New Zealand, the Melbourne Cup is recognised as the single biggest betting event of the year and for every Kiwi that invests at the tote, there are many more that support the race through informal office sweepstakes.
Even if you're not a racing fan, this is probably the one time in the year you'll be happy to dig into the pocket for a wee flutter.
So what's the fascination for us Kiwis?
"It's all about taking Australia's biggest prize away from them," claims TAB spokesman Mark Stafford. "We are little old New Zealand and they are our big brothers."
With 44 winners and 45 victories, including 23 of the last 50, NZ-bred, trained or owned entries have won more than a quarter of the honours.
On six occasions - 1929, 1955, 1960, 1974, 1975 and 1978 - NZ thoroughbreds have accounted for the trifecta, sweeping the first three placings.
You just know there's nothing Kiwis love more than getting one over the Aussies in anything, but it's not just a numbers game - New Zealand has also contributed to the rich tapestry of the event.
When Carbine won in 1890, it defeated a record field of 39 runners and carried a record weight of 66kg, 24kg more than the runner-up.
In 1930, legendary Phar Lap was the shortest-priced winner in history at 11-8. He had to be hidden away in Geelong during the race build-up, after an attempt was made to shoot him and he only emerged an hour before the start.
Of course, NZ-born Phar Lap was so good, the Aussies claimed him as their own - his mounted hide is displayed at the Melbourne Museum, his heart rests at the National Museum of Australia in Canberra, but his skeleton stands at Wellington's Te Papa.
Rising Fast is still the only horse to achieve the coveted Caulfield Cup/Cox Plate/Melbourne Cup treble in 1954.
Think Big is one of only five horse that have repeated as champions, winning in 1974 and 1975, while Kiwi produced probably the most impressive performance, storming from the back of the field to victory in 1983.
In 1924, Granny McDonald became the first woman to earn a trainer's licence in New Zealand, but when Catalogue won the Melbourne Cup 14 years later, she could not claim credit, because Australia still did not recognise women in the role.
"It used to be just Australia's big event," says Stafford. "Now, it's one of the world's biggest races, with horses from Japan and France and Ireland."
Last year's winner - and favoured to contend again - Almandin was bred in Germany and trained in Australia.
"Back in the 80s, it used to be just Australian and New Zealand horses, but now it's an international field," says Stafford.
"The bloodstock industry in New Zealand is absolutely massive for us and now, if we win the Melbourne Cup, the whole world hears about it."
In recent years, with the advent of social media, the Melbourne Cup has also become another opportunity to observe our Aussie cobbers getting drunk and behaving badly in public.
Of course, that sort of behaviour never happens over this side of the Tasman…
Newshub.
