It is held at Caulfield Racecourse, Melbourne, Australia as a lead in to the Spring Racing Carnival.

Such horses typically compete against less glamorous, and usually fitter, sprinter-milers who have been trained specifically for this race.

Speed and fitness seem to prevail over class about half the time, as can be seen in the list of recent winners.

[1] As the race comes early in the Spring, it will often indicate how well a horse has come back after its customary winter spell.

[1] The list of previous winners of the race contain recent champions, including Sincero, So You Think, Weekend Hussler, Makybe Diva, Sunline, Naturalism, Rancho Ruler, Manikato, and famous champions from the 20th century Galilee, Rising Fast, Comic Court, Lord (four times), Ajax (three times) and Phar Lap.