The Dermot Weld-trained horse delighted the 100,000-strong crowd to scoop Australian horseracing's biggest prize.

Starting from stall three at the Flemington track, jockey Damien Oliver appeared to be in control throughout the two-mile race.

Mr Prudent was second across the line with Beekeeper third.

It was an emotional victory for Oliver, whose jockey brother Jason died in a racing accident in Perth last week.

Oliver will attend his brother's funeral on Wednesday.

"It's going to be hard to keep this together," said Oliver. "I'd give it all back right now to have my brother back."

Oliver was quick to thank the Flemington crowd for their vocal support.

"The crowd has been good - I've been having a shocker and they've all stuck with me. But all credit to this horse," added Oliver.

It was Weld's second Melbourne Cup victory, having won in 1993 with Vintage Crop - the first European bred and trained horse to take Australia's most prestigious race.

Vinnie Roe, attempting to become the first winner since Rain Lover in 1969 to carry 59kgs or more, tired inside the last 200m, allowing Mr Prudent and Beekeeper to take the minor placings.

A jubilant Weld said: "It's a wonderful day. I'm delighted for everybody concerned. This is very special.

"These are special moments in life. I was so thrilled turning for home to see my two horses fighting out the Melbourne Cup. They've come 12,000 miles to do this.

"Vinnie Roe has run a wonderful race for a four-year-old. He hasn't let us down for a big run in a track that was too firm for him.

"He'll be back but today was Media Puzzle's day.

"After he ran fourth in the English St Leger I said in the enclosure 'I'll win the Melbourne Cup with this horse'."