Around 90,000 spectators descend on Flemington Racecourse to enjoy this iconic sporting event, with celebrities, stars and business leaders gathering in the Birdcage enclosure to party and watch the racing at 3pm AEDT .

British actress Elizabeth Hurley looked radiant as she wore an elegant bright yellow dress, while her son Damian, 22, sported a matching yellow rose.

It came after she posted a video posted on social media lifting the curtain on her glamorous look as she had her makeup done by a team of stylists.

The 59-year-old looked radiant with her bold eye makeup and pink lips with her wavy brunette hair.

“We’re getting ready…. You are as good as your team,” we read in the caption.

Model and journalist Kate Waterhouse stepped out in an all-red ensemble, donning a fitted, known-length dress with a matching scarf, heels and bag.

She completed the retro look with white sunglasses.

Olympic swimmer Ariarne Titmus took a page from the same book, donning a bright red mini dress with large ruffles at the top resembling flowers, complemented by a silver handbag.

Model Olivia Molly Rogers also followed suit, wearing an off-the-shoulder red dress paired with a matching hat.

TV presenter Richard Wilkins showed up in a dark suit with a yellow rose, while his wife, celebrity makeup artist Mia Hawkswell, wore a vibrant mustard-colored dress.

Victoria Racing Club ambassador Crystal Kimber-Peters wore a metallic silver dress her mother said was made from Spotlight fabric, with a magenta headpiece and matching handbag.

Australian DJ Paul Fisher flew to the event in a helicopter, appearing in an all-black suit with his wife Chloe Fisher wearing a matching floor-length strapless dress.

Paris Hilton, although not in attendance, saluted her older sister Nicky Hilton Rothschild on social media by posting a Herald Sun front page image showing her brother with Melbourne competitor Land Legend.

“Nicky Hilton looks stunning at the Melbourne Cup in her Rebecca Vallance collection,” she posted Tuesday morning.