First run in 1925 over a mile at Williamstown and won by The Night Patrol, the race has been held at five courses: Williamstown, Moonee Valley, Flemington, Sandown and Caulfield, its home since 1997. It has been run over 1400 metres since 1973. In 2023, run at Sandown Hillside during Caulfield's redevelopment, Gentleman Roy passed the post first but lost the race on protest to Jacquinot.
For decades it opened the autumn in February, but it moved to the spring in 2025, so two editions were run that year: Another Wil won in February and Jimmysstar in November, both for trainer Ciaron Maher. Famous winners include Black Caviar, All Too Hard, Redoute's Choice, Lonhro, Typhoon Tracy, Manikato, Saintly and Heroic.