Viewed, ridden by Blake Shinn, won the Melbourne Cup by a nose in a thrilling finish at Flemington.
The Bart Cummings-trained victor pipped Newmarket handler Luca Cumani's Bauer in a photo, with C'est La Guerre third.
It was a second agonising defeat for Cumani whose Purple Moon was runner-up last year.
Viewed gave Cummings a record 12th Melbourne Cup success, while Aidan O'Brien's fancied Septimus finished well down the field in 18th.
The Irish challenger led early on before stablemates Alessandro Volta and Honolulu came through to take over the pace-making duties.
The trio set a strong gallop and pulled around six lengths clear at one point, with Septimus leading into the straight.
But Shinn made steady progress on Viewed and guided him to the front of the field two furlongs from home and he looked on course for victory.
However, Bauer, under Corey Brown, stormed through on the outside and drew up alongside Viewed in the final couple of strides only to be denied in a photo-finish.
The last Melbourne Cup triumph for Cummings, who turns 81 later this month, was in 1999 with Rogan Josh.
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"Someone told me I do make a habit of winning this race and I said it was a good habit to get into," he said at the winner's presentation.
"I feel very sorry for Luca Cumani as the runner-up, but it's great to see the Aussies succeed. I thought it might have been a dead heat it was that close."
Shinn added: "I got to the front way too early but he dug deep. He put in 110% today, he gave his all. He's a master, Bart.
"To win a Melbourne Cup at only 21, I'm just so delighted and hopefully the best is yet to come from me."
Dermot Weld's Profound Beauty finished next best of the European raiders, claiming fifth under Glen Boss, while Cumani's other runner Mad Rush, who went off as favourite, was seventh.
Melbourne Cup
1. Viewed (B Shinn) 40-1
2. Bauer (C Brown) 20-1
3. C'est La Guerre (B Prebble) 20-1
21 ran. Dist: nose, 2
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