In recent times they have changed the time of the race it runs (i think) at approximately 3.00pm.
There are luncheons held all over the place; and people get dressed up in all their finery and hats etc. Its a lot of fun.
I'm attaching a web-site address for anyone that would like a little bit more information of the race. It should also tell you how long the track is and other information.
http://www.goaustralia.about/com/cs/mel ... rnecup.htm