Jockey Michael Rodd rides Efficient back to the mounting yard after winning the Melbourne Cup at the Flemington racecourse in Melbourne yesterday. - Reuters

MELBOURNE (Reuters):

EFFICIENT UNLEASHED a devastating late sprint to win yesterday's 147th running of the Melbourne Cup, Australia's richest and most popular horse race.

Perfectly ridden by Michael Rodd, Efficient stormed home from near the back of the field to overhaul the English-trained Purple Moon in the shadows of the post and win by half a length.

Irish stayer Mahler held on for third after leading into the final straight, but all the honours went to Efficient, which paid A$22.40 for a A$1 investment.

"I had to chase down Damien Oliver, who was riding on Purple Moon which was one of the favourites," Rodd said in a televised interview.

"I knew he'd be tough to get past, but I had such a soft run, a bit light on the weights too and it's just unbelievable.

"I know I've done it but it's going to take a while to sink in, I feel numb at the moment."

Efficient was billed as Australia's next great horse after his brilliant win in last year's Victoria Derby before things went wrong.

He was among the favourites to win last year's Melbourne Cup but was scratched on the morning of the event after going lame and had not won a race since.

Found best form

His connections were so worried that his trainer, Graeme Rogerson, recently started putting him over the hurdles but the four-year-old gelding found his best form at the right time, overhauling Luca Cumani's Purple Moon in the last few metres to win the A$5.1 million handicap.

"We've always known the horse had the ability but, as with everything with horses, it's a moveable feast so we had to adjust his training," Efficient's part-owner Nick Williams told a news conference.

"It's a great testament to all our team because they worked out what needed to be done and, guess what, they got it right."

Yesterday's 3,200 metre handicap took place in front of a crowd of 120,000 at Flemington and was watched by millions of Australians on television after initial fears it may have to be cancelled for the first time since it began in 1861.

Australia's racing industry has been crippled since the detection of equine influenza in Sydney more than two months ago forced a complete shutdown of all horse movement and races in two of Australia's biggest states.

Melbourne Cup officials were given the go-ahead to proceed after the highly contagious disease was partially contained and they agreed to major concessions.

Interstate horses banned

Most of the top interstate horses were banned from entering while only three overseas stayers, less than half the normal number, made it to the barriers after the biggest stables from Europe, Asia and North America opted to keep their horses at home.

The field was reduced from 24 to 21 when three horses were scratched on the morning of the race, including Efficient's stablemate Gallic and last year's third-place finisher Maybe Better, but it still turned into a classic.

England's Tungsten Strike jumped straight to the front and led the field for the first 2,400m before being overhauled when they rounded the last turn by Aiden O'Brien's Mahler, who was in only his eighth race and carrying the lightest weight of 50.5 kg.