Outsider Twilight Payment has claimed line honours at the 160th running of the Melbourne Cup.
Tiger Moth ran in second, with Prince of Arran in third in 'the race that stops two nations'.
Twilight Payment was paying $23 to win and $6 to place with the bookies, while late favourite Surprise Baby was nowhere to be seen.
The victory means jockey Jye McNeil and trainer Joseph O'Brien have delivered a staggering seventh Melbourne Cup win for owner Lloyd Williams.
Irishman O'Brien's celebrated his second Melbourne Cup win and the second time he had pipped famous father Aidan O'Brien for victory in Australia's most famous horse race.
Joseph O'Brien's horse Rekindling beat his father's runner-up Johannes Vermeer in the 2017 race.
Twilight Payment and Tiger Moth were first and second respectively, as they passed the first post at Flemington, holding those positions through to the end.
The Chosen One was the highest-placed NZ horse, finishing in fourth place.
"I'm overwhelmed with emotion at the moment," said McNeil, after his maiden Melbourne Cup win. "It's a miracle.
"He was a touch slow to really find his rhythm and I encouraged him to go forward, because that was the plan, and then he just found such a lovely tempo. He got into a fantastic rhythm, breathing really well.
"Then it was a matter of just ramping the tempo up at the right stage. I'm just glad it all worked out."
Few horses can go the distance in the race when jumping out early, but McNeil said it was always the plan.
"I was confident," he said. "I was trying not to use the whip too many times.
"I was trying to use my voice to encourage him as much as possible, and it was a matter of hanging on and he was very tough."
Kerrin McEvoy was on Tiger Moth, narrowly missing a record fourth Melbourne Cup win.
Prince of Arran placed for a third straight year, with Jamie Lee Kah aboard.
Irish horse Anthony Van Dyck - one of the favourites heading into the race - broke down on the home stretch and was loaded into an ambulance.
He was later euthanised due to a fractured fetlock, becoming the seventh horse in the past eight years to die on Melbourne Cup Day.