In pictures: Melbourne Cup style

Australia's Melbourne Cup is known as the race that stops the nation.

Certainly, some of the outfits on display at race tracks around the country today could stop you in your tracks.

The most stylish and the most outlandish dressers often favour a fascinator but on race day almost anything goes, as photographer Sahlan Hayes discovered at Sydney's Royal Randwick Racecourse, where thousands went to watch the race broadcast on big screens.

Hats, headpieces, "hatinators", fascinators - some are even called perchers. Whatever the moniker, Melbourne Cup day is a big day for Australia's estimated 400 milliners.

You will find champagne, prawns and salmon trackside but some people favour a simpler fare.

Style gurus say, when at the races, consider your hem length, wear a hat and hosiery and don't take off your shoes. But who cares about rules?

Melbourne Cup's fashion stakes are not just for the ladies.

And it's not just about fashion. In New South Wales and Victoria alone, an estimated A$180m (£98m, $157m) has been spent betting on races today.

You can win with just a few dollars, a bit of luck and faith in your favourite horse.

Some people actually come to watch the horses.

You hold your breath as your horse makes its way around the track, but only a few will be winners on the day.