A superb training effort and race selection strategy by Team Williams has seen six year old Fawkner take out the Group 1 Caulfield Cup on Saturday.

Racing at 2400 metres for the first time, the bay gelding peeled out of a bunched field at the 300, and showed strong acceleration to run down Jet Away and take out the $1.65 million event.

Dandino, having his first start in Australia, stormed from the back off a slow pace and finished second, only 1.3 lengths behind the winner.

Last year's Oaks winner Dear Demi railed up into third, while Jet Away held on for fourth in front of Royal Descent.

It was Nick Hall's first Caufield Cup win, a feat his jockey father Greg was never able to achieve.

"I've got one up on the old man so it was an important one," Hall said.

It was also Lloyd and Nick Williams first Caulfield Cup win, and a very sweet one after years of chasing it.

"This is an extremely hard race to win. We had an offer to buy this galloper but the sums didn’t add up and we kept him," Nick said.

After winning a Group 3 on Derby Day and finishing second in the Emirate Stakes last year, the team was made an offer on Fawkner but it fell through.

At that time, they decided to set him for the Caulfield Cup, a plan that worked to perfection.

"This was the horse's grand final and he has done a great job," Nick Williams said.

It was reminiscent of other major victories Lloyd and Nick Williams have pulled off in the past, most notably the Melbourne Cup in 2007 (Efficient) and 2012 (Green Moon).

But the race wasn't without controversy. Exciting jockey Glen Boss was suspended for 12 meetings for careless riding on Silent Achiever and will miss the Cox Plate next Saturday. It leaves Puissance De Lune without a jockey, in what is shaping up as one of the hottest quality races in recent times.

Atlantic Jewel is still a short favourite but Fiorente and It's A Dundeel have a great deal of support too.