Sydney - Australia's richest horserace once again held disappointment for the European contingent when locally trained Viewed won the Melbourne Cup on Tuesday in front of 130,000 spectators.

The 5-year-old was just a lip ahead of English horse Bauer in the tightest-ever finish in the 148-year history of what Australians call "the race that stops the nation."

It's estimated that 12 million of the 21 million Australians watch the 3 minutes it takes for some of the world's best horses to gallop round the 3.2-kilometre track.

"It's nice to win a race like this - a race that everyone in Australia likes to win, particularly my owners," veteran trainer Bart Cummings said.

Malaysian property tycoon Tan Chin Nam owns Viewed, which became 80-year-old Cummings' 12th Melbourne Cup winner. He won his first in 1965 and entered the race for the first time 50 years ago.

"I do make a habit of winning this race, but it's a good habit to get into," Cummings said.

The bulk of the seven European horses that flew in for the race go home in disgrace.

Ireland's Aidan O'Brien trained three of the last four finishers. Inexplicably, his mounts began at such a furious pace - out by eight lengths at the half-way point - that none had any puff left to challenge in the final straight.

Race favourite Mad Rush came in seventh. The other heavily backed horse, Profound Beauty, was a profound disappointment as it trailed in fifth.

The record crowd at Flemington drank an estimated 100,000 bottles of champagne, ate 35,000 meat pies and many were togged out in clothes more in keeping with a fancy dress party.

Organizers reckon the race draws 30,000 foreign visitors to Australia's second-biggest city. (dpa)