You don't just 'go to the races'. The races aren't just about the horses at all. It's about getting your fashion-esta on and showing your fancy-wears like you were on a runway in Paris. The bedazzled hats with the flowers and the recently purchased suits ready to get mucked up with champagne (or vb, you know what I am talking about Aussies) while you shout at your leading horse hustling it down the last 100m run.
If you have a important business meeting and/or just want to look your best. Dress as if you are getting ready to listen to 'horses' at the Melbourne Cup.