Evergreen Steve Moneghetti, the fittest, retired 43-year-old runner on the planet, smashed the veteran's one hour world record at the Ron Clarke Classic on Saturday night.

Moneghetti defied cold, windy conditions at Landy Field to cover 19.71km in one hour, smashing the old mark of 19.149km set by Belgian Jozef Eyckmans in 1996.

"I have said to everyone I think I'm the best 43-year-old in the world, and tonight I had to prove it," said an emotional Moneghetti, who won marathon medals at three successive Commonwealth Games in a glittering career.

"This is not coming out of retirement, this is just me showing that if you just enjoy what you are doing and stay in there and set little goals.

"I do a lot of speaking, I've spoken to every group in Australia and I tell them back when I ran I set little goals and I think here I am telling these guys, but I've got to do it myself and tonight was really a chance to walk the walk."

Moneghetti paid tribute to runner-up Magnus Michelsson who took an early lead and ran with him throughout the middle stages of the race.

Michelsson covered 19.47km and another Victorian, Rowan Walker was third with 19.02km.

From the day that Moneghetti's protege, best friend, and meet organiser Lee Troop contacted him about this race six months ago, he had Eyckmans' over 40s world record written down on a note on his desk, along with the lap time of 74 seconds that would be required to beat it.

"The world record meant a lot to me personally and I hope all these people can share it with me because that's what I love," said Moneghetti, who thanked an enthusiastic crowd which lined the track to cheer him on.

"I knew I could do it and it was only going to be the conditions that could have stopped me getting it tonight."

Although he is officially retired, Moneghetti's next aim is to run the 5,000 metres at the Victorian Championships at the MCG in February.

The world record was watched by a who's who of Australian distance running including Gold Coast mayor Clarke, Victorian governor John Landy and Robert De Castella.

And it happened at the same venue where Clarke set the one hour and 20km world records 40 years ago.

Astonishingly both of Clarke's marks still stand as the Australian all comers records.

In other action, local favourite Louis Rowan went agonisingly close to becoming the first runner to break the 4 minute mile in Geelong.

The Commonwealth Games 1500m hopeful tired when heading into a headwind in the final straight to clock 4:00.42.

"The four minute mile is a tough one to do. I thought I had a good chance tonight but it didn't happen", he said.

World Championship walker Jared Tallent dominated the 5,000m track walk to win in a time of 19:13.95.

And Libby Allen clocked 2:07.47 to edge out fellow Victorian and reigning national champion Katherine Katsanevakis in the 800m.

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