English trainer Ed Dunlop wasn't certain of what he was getting into when he came to Australia with Red Cadeaux for last year's Melbourne Cup.

But he learned fast and has returned with a bigger, stronger and better horse.

Red Cadeaux came within a few millimetres of winning the race, going down to Dunaden in the closest finish in its history.

Over the past 12 months Dunlop and the horse have put what they learned at Flemington a year ago to good use and have come to Melbourne confident they've found the missing millimetres, and a lot more.

"Coming here last year was an afterthought," Dunlop said.

"We had to put him in races that might not have been the best ones for him so he could qualify.

"It wasn't the preparation I'd have chosen, but we almost pulled it off."

This year Red Cadeaux has been fully-qualified from the time he was entered for the Cup and Dunlop has had the luxury of being able to set the horse specifically for the race.

"Because he was in the race I was able to give him a mid-season break so we could come here with a fresh horse," Dunlop said.

"As a result we have a better horse this time than we did last time."

As well as the improvement he has been able to train into Red Cadeaux, Dunlop has the weights and measures on his side.

Red Cadeaux meets last year's winner Dunaden 2.5kg better for his narrow defeat in 2011, a figure which represents a turnaround of more than a length.

Another advantage to the English galloper is the experience gained by jockey Michael Rodd from his one-and-only ride on the horse.

"Michael blamed himself for last year," Dunlop said.

"The horse has a tendency to lay in, Michael will know better this time."

On the other side of the Cup equation, Dunlop acknowledges this year's Cup resembles last year's, but it is a stronger race.

"It's a very tight-knit, high-class race this year," he said.

"Dunaden and Americain are there again, but the other Europeans are very strong.

"It should be a European victory and if it's not us, I think Mount Athos stands out.

"He been progressing through the ranks ... he's the horse this time

"But we've got a good one ... a better one than last time."