It was one of the closest finishes to an Australian Cup but Hall of Fame trainer David Hayes was completely relaxed about the result.

As Spillway and stablemate Extra Zero went across the finishing line locked together, Hayes and his training partner Tom Dabernig couldn't lose.

After an agonising wait for the owners, the judge gave the decision to Spillway ($13) by a nose from his Lindsay Park stablemate who was sent out one of the outsiders at $101.

"It's the most comfortable photo I've ever been in," Hayes said.

Spillway's victory ended a four-year-old Group One drought for Hayes. It had been a series of near misses since Eagle Falls won the 2011 Oakleigh Plate.

"I've had a lot of seconds in Group Ones but haven't won one for a while," Hayes said.

Hayes might have to thank one of his all-time favourite racehorses for providing some inspiration for the famous stable.

Better Loosen Up gave Hayes his first Australian Cup win in 1990 and one of Australia's best horses of that era was on course at Flemington on Saturday as a part of the meeting's festivities.

"It might have been an omen Better Loosen Up being here," Hayes said.

Spillway came away with Extra Zero, leaving the favourite Happy Trails ($4) 1-1/4 lengths away third.

"Spillway was the horse I fancied most but I love Extra Zero," Hayes said.

The victory gave Hayes his third Australian Cup with Niconero winning in 2009.

Despite crossing the line together, Spillway and Extra Zero will now go in different directions.

Most notably, Spillway will head to Sydney for The Championships where he has been entered for the Doncaster Mile and Queen Elizabeth Stakes.

Jockey Michael Walker said the victory was special not only for him but the entire Lindsay Park team.

"If I had pushed the button five strides earlier I would have lost it," he said.

Damien Oliver said Happy Trails had been outsprinted by the winner and may have felt the firm ground.

Protectionist and Red Cadeaux, the 2014 Melbourne Cup quinella, finished eighth and fifth respectively.

Robin Trevor-Jones, travelling foreman for Red Cadeaux's trainer Ed Dunlop, said the gelding ran an acceptable race over a distance that was too short.

Luke Murrell, a part-owner of Melbourne Cup winner Protectionist, said the imported stayer earned a pass mark and the five-year-old would press on to the BMW and the Sydney Cup.