UPDATED 6.28pm Australian jockey Kerrin McEvoy has won his second Melbourne Cup, riding Almandin to victory in a thrilling finish at Flemington this afternoon.

LISTEN ABOVE: Previous Cup-winning breeder Sir Peter Vela, and Channel Ten reporter Katherine Firkin spoke to Chris Lynch

The 7-year-old gelding has pipped Heartbreak City on the line in a sprint finish, with pre-race favourite Hartnell finishing a distant third.

Previous Cup-winning breeder, Sir Peter Vela, told Chris Lynch the race didn't go as expected.

"It appeared to be a little bit muddily early in the piece, and a lot of horses got wide that were looking for the fence. Those who thought there was going to be a lot of pace on early were mistaken."

McEvoy previously won the great race in 2000, riding Brew to victory for Kiwi trainer Mike Moroney.

Almandin's owner Lloyd Williams has become the most successful owner of Melbourne Cup winners.

One of Australia's most successful businessmen, Williams has now figured in the ownership of five Melbourne Cup winners.

New Zealand trained horses Who Shot Thebarman and Pentathlon came in fifth and ninth respectively. 

Trainer John Wheeler told Chris Lynch he's really proud of his horse Pentathlon, despite its ninth place finish.

"A pretty good run. A lot of good horses behind them and a few in front of them. Pretty happy, he's pulled up super and we'll live to fight another day."