UPDATE: Ballarat's Grace O'Dwyer has finished second in the Stawell Gift final, just nudged out on the line by teenager Bella Pasquali in a thrilling finish.
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O'Dwyer defeated Pasquali's mother Anna in the 2015 final, but the tables were turned on the 24-year-old by the teenager who won a thrilling race.
Starting off 7m, O'Dwyer looked to control much of the race, but Pasquali, better known as a 400m runner, used that to her advantage over the final 15m to nudge out the Ballarat runner.
In a big day for teenage sprinters, Ryan Tarrant proved his favouritism in the men's race with a narrow win in a time of 12.23 seconds.
Tarrant, running off 3.75m became one of the few runners in history to win under 4 metres when he held off a diving Nicholas Antonino in a desperate finish on the line.
EARLIER: Ballarat's Grace O'Dwyer is through to the Stawell Gift final after a comprehensive victory in her semi-final.
O'Dwyer, 24, dominated the fifth of six semi-finals, winning in a time of 13.625 seconds to make her second Stawell Gift final, having won the race in 2015.
O'Dwyer is coached by her father Peter O'Dwyer, who had four runners make their way into the women's semi finals.
Tiana Shillito and Chloe Kinnersly each just missed out on a place in the final, finishing second in their semis.
Halle Martin was another to make it through to the semi, but was unplaced.
Earlier, Patrick Martin led a Ballarat quinella in the time-honoured backmarkers 400m handicap, winning in a time of 46.050 seconds, ahead of the fast finishing Lincoln Barnes.
Both Barnes and Martin competed in the semi-finals of the men's Gift but were unplaced.
Ryan Tarrant ran the quickest time in the men's semis with a 12.17 off 3.75m and will start a red-hot favourite
The women's final is scheduled to be run at 1.50pm with the men's final to be held at 2.20pm.
