Wow! This year is the 50th anniversary of the Melbourne Cup Carnival's Fashions on the Field.
Back in 1962, women only competed for a share of 6000 pounds (around $152,000 in today's dollars); today women and men stake their claim to a share of $400,000 worth of prizes.
And the most essential item? A hat.
"Millinery is a must," advises Fashions on the Field ambassador, Alison Saville. Styled to perfection with a dress, shoes and a bag, she adds.
"The key is striking elegance."
Retail fashion manager Angela Menz took out the major prize in last year's contest with a block coloured ensemble featuring a fuchsia top, neon yellow skirt and tangerine sculptural hat.
"Neon is carrying through but I think in a different way this season," Ms Menz told AAP.
"So it's more little hints of neon rather than the really block in-your-face neon colours.
"Then, on the other hand, I think there is really pretty pastels - very soft, romantic, pretty looks and a lot of digital prints as well".
(With all those suggestions, perhaps Ms Menz is keeping coy about what she will wear?)
All eyes will be on Australian movie star Nicole Kidman on Saturday when she attends Derby Day, which will kick off the carnival.
"She always looks amazing on the red carpet so I'm really curious to see what she comes up with for her racewear," Ms Menz said.
But menswear designer Dom Bagnato has a different view from Ms Menz.
While light suits, like silvers and natural tones, would be popular trackside, teamed with bold shirt and tie combinations for men, "for women ... it's full-on colour, it's colour clashing, it's just no limit of colour," he told AAP.
"Because of that, we're going to see probably the most colourful carnival we've seen, coupled with a great trend for guys - they are starting to wear more hats." Of course.
The Melbourne Cup will be presented by Camilla, the Duchess of Cornwall. Prince Charles will present the Diamond Jubilee Plate named in honour of the Queen's Diamond Jubilee.
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