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The Spring Carnival takes place each year between Sept and October and consists of Group One races held at metropolitan club and Geelong meetings. It officially starts on the Group 1 Underwood Stakes Day at Caulfield. There is then a 2 week break to allow for the AFL Finals, then carnivals re-commence, ending on the last day of the Sandown Carnival, Eclipse Stakes day.

Spring Carnival Betting keeps online betting companies busy to make the most out of it

Caulfield Carnival

Held over 1 week, it consists of three race meetings at Caulfield Racecourse;
The Caulfield Guineas takes place on a Saturday, slightly over three weeks before the Melbourne Cup.
The Caulfield Thousand Guineas is held on the following Wednesday.
The Caulfield Cup takes place the following Saturday.

The Geelong Carnival

Takes place on Wednesday between the Caulfield Cup and Cox Plate and is a public holiday in Geelong.

The Moonee Valley Carnival holds the Cox Plate race the Saturday after the Caulfield Cup.

The Flemington Spring Carnival is the major event of all the carnivals as it includes the Victoria Derby and the Melbourne Cup
The biggest day in Australian racing is actually the Saturday before the Melbourne Cup. The Victoria Derby plus many other big races take place that day.
The Victoria Racing Club Oaks is held on the Thursday following the Cup and is well known known as ‘ladies day’.
The VRC Stakes takes place the following Saturday and is considered as ‘family day’.

Sandown Spring Carnival

The Carnival season winds up with the 2 last spring meetings held at Sandown in mid November.

Sweepstakes

The Spring Carnival, particularly the Melbourne Cup, attracts many people who usually aren’t interested in racing and betting so special forms of very low-stake gambling are often used for this event. The office sweepstake is where workers pay a few dollars to draw a name from a hat with the winner taking the total booty collected.

Horse racing in Australia

Tambo Valley Picnic Races, Victoria, Australia 2006

For more details on this topic, see Horseracing in Australia.

Racing in Australia has enjoyed great success with races such as the world famous Spring Carnival, the so-called race that stops a nation, which has recently attracted many international entries. In Australia, the most famous horse was Phar Lap, who raced from 1928-1932 (though originally bred in New Zealand). Phar Lap carried 9st 12lbs to win the 1930 Spring Carnival. In 2003-2005 the mare Makybe Diva became the first and only racehorse to ever win the Spring Carnival three times, let alone in consecutive years. In harness racing, Paleface Adios became a household name during the 1970s, while Cardigan Bay, a pacing horse from New Zealand, enjoyed great success at the highest levels of American harness racing in the 1960s.

Cited from Wikipedia