The Newmarket handler came within half a length of victory in the two-mile feature with Purple Moon last year and he was in with a chance of scoring a first British-trained win as Bauer flew home in the final furlong.
However, the game five-year-old just could not get his head in front of Viewed, who was presenting legendary trainer Bart Cummings with his 12th Melbourne Cup success and 250th Group One overall.
Bauer officially lost out by a nose - the narrowest margin in Cup history - with C'est La Guerre a further two lengths away in third.
Cumani said: "He's run a great race and we're very pleased.
"We are getting closer and although it is frustrating to be beaten so narrowly, on the other hand he has run a great race.
"He had a good run home and we are very proud of him.
"He could come back next year but we will see as it is a long way off. We will keep trying to win this race though."
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