Melbourne Cup: $1b expected to be spent

Just two New Zealand horses remain in today's Melbourne Cup field after two others were scratched at the weekend. The cup's oldest horse, Who Shot The Barman, was taken out of the field late on Sunday with a high temperature. It was to be the nine-year-old's fourth consecutive Melbourne Cup. At 3.2km long, the race is considered one for the 'stayers' and come 5pm, 23 contenders and their jockeys will line up at Flemington, including the favourite, Marmelo. Punters will spend close to $1 billion across Australia. Chief racing writer for The Age, Patrick Bartley joins us with the details.