Green Moon won a fourth Melbourne Cup for owner Lloyd Williams when he beat one of the best fields ever assembled for the race.
Ridden by Brett Prebble, who flew from Hong Kong for the event, Green Moon dashed to the lead inside the final 200 metres to beat Fiorente and Jakkalberry.
The English import, trained by Victorian Robert Hickmott, atoned for his failure in last month's Cox Plate, where he started as favourite and finished seventh.
"I was very confident they weren't going to pick him up - he ran all the way through to the wire," Prebble said.
Highly fancied previous winners Americain and Dunaden were never in the race and finished well back.
It was the first Cup win for Prebble, who is booked to ride in Hong Kong on Wednesday night but may reconsider his plans.
"It's my life dream to do it," he said. "I was never going to get beat. I got a severe check 250 metres after the start and it put me back on the fence and he was on and off the bridle."
Green Moon started at $20. Fiorente ($31), which finished a length behind the winner, was the third Cup runner-up for trainer Gai Waterhouse, who previously trained Te Akau Nick (1993) and Nothin' Leica Dane in 1995.
The well-travelled Jakkalberry ($81) was a further 1-1/4 lengths away third.
Last year's winner Dunaden (7-1 favourite) finished 14th after travelling near the back of the field for most of the journey.
Americain, the 2010 winner and second favourite at $7.50, was 11th. Locally trained Ethiopia ($21) was last.
Where your horse finished in the 2012 Melbourne Cup:
1. Green Moon
2. Fiorente
3. Jakkalberry
4. Kelinni
5. Mount Athos
6. Glencadam Gold
7. Mourayan
8. Red Cadeaux
9. Precedence
10. My Quest For Peace
11. Americain
12. Cavalryman
13. Voila Ici
14. Dunaden
15. Niwot
16. Lights Of Heaven
17. Winchester
18. Sanagas
19. Maluckyday
20. Galileo's Choice
21. Unusual Suspect
22. Zabeelionaire
23. Tac de Boistron
24. Ethiopia
