EFFICIENT has won the Melbourne Cup at Flemington racecourse, reeling in Purple Moon in the final metres of the race in a classic finish.
The four-year-old Efficient, trained by Graeme Rogerson, won by just over a head from Purple Moon with Mahler three lengths back in third.
"I can't believe it, this is just a dream," winning jockey Michael Rodd said in the seconds after the race.
Efficient paid out at odds of 24-1 for the win and $7.40 for the place. Purple Moon was at $5.50 while Mahler was at 10-1. The quinella paid $76.10 and the trifecta paid $1431.
For those looking for an omen for the federal election on November 24, Kevin Rudd was given Efficient in a sweep, while John Howard had some money on Mahler. Mr Rudd also had $10 on the horse and won more than $200.
Damien Oliver had a clear run to the post on Purple Moon and looked to have the nation's biggest horse race won before Efficient's incredible feat in the straight in front of around 120,000 screaming spectators.
Setting out from near the back of the field, Efficient mowed down the other runners in the straight and only poked its head in front of Purple Moon in the last 100 metres of the 3200m race.
Irish-trained Mahler held on for a placing after hitting the lead just after the 1600m mark. However another of the ealy pacesetters, Tungsten Strike, faded to finish at the tail of the field.
"I tell you what I rode 'em home," winning trainer Rogerson said at the trophy presentation, adding that he had dreamed of a Melbourne Cup win overnight. "I've now done it all."
The presentation was held on two podiums as part of the biosecurity measures in place since the horse flu outbreak in northern states.
The win is Efficient's sixth from only 13 starts and gives owner Lloyd Williams his third Cup win after triumphs with Just a Dash in 1981 and What A Nuisance in 1985.
Williams has told Channel Seven that the horse is one of the best he has ever been involved with. When asked if he had a punt on the race, he said: "Age has caught up with me - I'm just happy enough to win".
Williams's son Nick has paid tribute to his stables' handling of the horse, saying there had been many detractors of their program. "I hope you can all see me up here now because maybe you weren't right," he said.
Efficient won the Victoria Derby at the Melbourne Cup carnival last year but was only ninth to El Segundo in the Cox Plate at his last start.
Williams also had Zipping in the race, who ran fourth for the second year in a row. Williams had his favourite horse Gallic scratched from the Cup this morning. Gallic was one of three runners knocked out of the race in the final few hours.
The Fuzz and the well fancied Maybe Better were both found to be injured in the lead-up to post time.
- with AAP
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The 76th trophy for the Cup
The racehorse Efficient has won the 2007 Melbourne Cup. 

Flemington Racecourse in Melbourne, Australia was abuzz today as the Melbourne Cup was raced for the 147th time. The New Zealand horse Efficient finishing the 3200m race in a time of 3:23.24. The horse, which had won the 2006 Victorian Derby, became the first horse since Phar Lap (also a New Zealand horse) to come back and win the Melbourne Cup a year later.

The race ended with a stunning finish as Efficient and his jockey Michael Rodd came from behind to overtake Purple Moon in the final stretch. The odds on Efficient were 24-1 to win and A$7.40 for a place. Purple Moon finished second and Mahler finished third.

120,000 spectators looked on as Mahler took the lead at 1600m and fell back to third in the closing stages. Early leader Tungsten Strike finished 21st (last).

The win is the third of its kind for owner Lloyd Williams with two previous victories in the 1980s. Williams had two horses in the race, Zipping and Efficient, but Zipping fell to fourth place while Efficient surged forward. 

Lloyd Williams' son Nick was at the raceground and was aiming high for Efficient. 

"People keep telling me the last horse to do what he has done was Phar Lap," he said.

Efficient was a favourite for the 2006 Melbourne Cup but was scratched at the last minute.