Cloudy conditions are forecast for today's 163rd running of the Melbourne Cup. 

The TAB is expecting New Zealanders to put more than $12 million on the big five o'clock race. 

Several horses have New Zealand connections, including Kiwi jockey James McDonald and Sydney-based Kiwi trainer Chris Waller. 

Melbourne Cup correspondent Donna Demaio told Kate Hawkesby that there'll be an electric atmosphere. 

She says 24 local and international horses will be racing around the track at Flemington, with $9 million in prize money. 

Off the track, Christchurch's Lily Simons is set to represent New Zealand at the Fashion on the Fields competition. 

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