More than two thirds of the horses in the Melbourne Cup are either trained in the northern hemisphere or began life there.

Gone are the days when the tough New Zealand-bred stayer was the biggest danger to Australian pride in the Cup.

Or are they?

Trainers David Hayes and Chris Waller don't think so.

Hayes, who trains in partnership with his nephew Tom Dabernig, has two runners - the imported Almoonqith and Criterion who was foaled in New Zealand.

Waller has three runners, former European Grand Marshal and kiwi-breds Who Shot Thebarman and Preferment.

Of the 24 runners only one, Sertorius, was bred in Australia. Prince Of Penzance and Gust Of Wind bring the number bred in New Zealand to five.

Eleven horses have travelled from the northern hemisphere for the Cup while seven have previously been imported from Europe.

Waller, a New Zealander who has risen to the top of the tree in Australian racing in the past decade, got the taste for the reality of what it might be like to win the Cup when Kelinni finished fourth three years ago.

Who Shot Thebarman was third last year and second to Grand Marshal in the Sydney Cup, the only other Group One race in Australia over 3200m.

"We know they can stay the two miles which is a big thing in their favour," Waller said.

"But I am very happy with Preferment. He has had the right preparation.

"There are some great older horses in the Melbourne Cup. This is a stellar year.

"But Preferment is still improving."

The winner of the 2014 Victoria Derby, Preferment has a Group One win in the Turnbull Stakes this spring before his ninth in the Cox Plate won by stablemate Winx.

On Cup eve, Preferment was one of just three horses under double figures at $9 to win the Cup with Japanese stayer Fame Game easing from $3.20 to $4.20 to Tuesday's race.

Trip To Paris, an Ed Dunlop-trained stablemate of three-time Cup runner-up Red Cadeaux was at $7.50.

Criterion, winner of the 2014 Australian Derby and more recently the Caulfield Stakes, finished second in the Cox Plate and is at $15.

Hayes admits there are questions over Criterion getting the distance but also says he has things in his favour.

"He's a weight-for-age horse that relaxes so he'll get a beautiful run ... and he'll present at some stage. You know he'll be there."

Gust Of Wind is the only mare in the 24-horse field and the John Sargent-trained ATC Australian Oaks winner was at $31 on Monday.

Sargent, another New Zealander resident in Sydney, cites Gust Of Wind's fourth in the Caulfield Cup as the perfect lead-up.

"We worked out that probably the best form guide going into this race is the Caulfield Cup," he said.

"I think she's right there in it."