Gold Trip has won the Melbourne Cup, beating Emissary and High Emocean in the $8 million race at Flemington.

An old-fashioned approach has given a new-age racing partnership its finest moment with top-weight Gold Trip winning the Melbourne Cup.

In a triumph for spring perseverance, Gold Trip defeated Emissary and stablemate High Emocean in Australia's greatest race.

Gold Trip made light of his 57.5kg under jockey Mark Zahra, revelling in the soft ground to provide co-trainers Ciaron Maher and David Eustace with a Melbourne Cup breakthrough.

Maher and Eustace are renowned for employing a sports science slant to their training methods, using data and technology to fine-tune a team of thoroughbreds that is spread across multiple Victorian stables and a satellite operation in Sydney.

The training partnership had five runners in the race.

"They're the best trainers of stayers," Zahra said.

"That's one thing I had confidence in - their training. Because I was quite vocal I didn't think he'd get the distance."

In the end, Gold Trip's victory was built more on home-straight courage than any analytics.

Of all the Melbourne Cup runners, none has been as busy during the spring as Gold Trip.

It is rare for the modern-day thoroughbred to contest the Caulfield Cup, Cox Plate and Melbourne Cup in one campaign.

But in a throwback to another era, Gold Trip went agonisingly close to winning the Caulfield Cup before taking his place against the elite in the Cox Plate and finishing unplaced.

"This horse is quite dicey and he's done a fantastic job. And to run in three of the big ones and have him present in the Cup like that was fantastic," Maher said.

Gold Trip delivered for only the second win of his career and his first in Australia.

Zahra settled Gold Trip among the tailenders in the hope he could ambush his rivals late in the race.

The import gradually improved deep on the track with cover from the 600m and he was ready to issue a challenge at the 400m.

"I literally thought I'm a bit far back here but my one plan was not to be too close because I thought if I used fuel early I'd be weak late," Zahra said.

"As they jammed up, I got to travel up and up and I thought 'I'm still travelling so good here'."

Gold Trip, a $21 chance, dashed past the UK raider and favourite Deauville Legend ($4.40) only to have Emissary ($26) emerge as a threat from the ruck.

When the race got serious over the final 200m, it was Gold Trip who surged again for a decisive two-length win.

Emissary held on for second ahead of the fast-finishing High Emocean ($41) who got past Deauville Legend to take the minor placing - a further 1-1/4 lengths further back.

Gold Trip is the second Melbourne Cup winner for racehorse syndicator Australian Bloodstock after the German-trained Protectionist scored in 2014.

Maher has now completed a career sweep of the Melbourne spring carnival's most important races.

Twenty-two runners faced the starter but Gold Trip's stablemate Interpretation was eased out of the race, leaving Camorra the last horse to cross the line.

In finishing fourth, Deauville Legend was easily the best of the overseas-trained runners with Without A Fight ($12) dropping out after looming on the home turn.