Rio 2016 Olympic silver medallist Tonci Stipanovic of Croatia, London 2012 silver medallist Pavlos Kontides of Cyprus and former world number one Matt Wearn, who is competing on home water, are all tied on four points in the men's laser competition.

All three competitors shared the top three places in both of the two opening races.

Stipanovic and Kontides took a race win and a third place each, while Wearn was consistent with a pair of second place finishes.

Another fleet equally as close is the women's laser radial where, at the close of action, Rio 2016 gold medallist Marit Bouwmeester of The Netherlands and bronze medallist, Demark's Anne-Marie Rindom, are locked on three points after sharing a race win and a second place.

Bouwmeester and Rindom have had contrasting build ups to the World Cup Final.

The former turned her attention to Tokyo 2020 almost immediately after Rio 2016, heading to Enoshima to try out the next Olympic waters.

Rindom instead headed back to university to continue her studies but the chance to compete in Melbourne was too much to resist.

"I've been in school so I have not had much time for sailing," said Rindom.

"I'm very rusty and I can still feel that.

"There's a lot of young girls here who have been training so it's exciting to be able to race again. 

"I love to compete.

"This is for finishing 2016 and then next year I will see how it goes. 

"Right now I'm not focusing on Tokyo as it's way too early, I'm taking it easy as I have another year of school to go."

Italian Silvia Zennaro occupies the final laser radial podium place at the early stage of the event.

In the RS:X fleets, China's Manjia Zheng has taken control in the women's division after posting two wins and a third today, while in the men's, Spaniard Ivan Pastor Lafuente and Bing Ye of China are tied on three points at the top. 

Rio 2016 Olympic silver medallists Mat Belcher and Will Ryan of Australia got off to an impressive start in the men's 470 with a first and second handing them the opening day lead on home water.

Austria's Lara Vadlau and Jolanta Ogar enjoyed the perfect start with two race wins in the women's 470 competition.

New Zealand's Isaac McHardie and William McKenzie put in a strong showing in the first two men's 49er races, winning both.

They have discarded their 11th place finish from the third race of the day to lead the fleet.

Spain's Diego Botin and Iago Marra Lopez sailed consistently, remaining in the top four in all three races, and they occupy second overall followed by Josh Porebski and Trent Rippey of New Zealand.

Elsewhere, the qualification process is well underway in the formula kite and the ever-dominant Oliver Bridge of Great Britain began his campaign by claiming every race victory.

His brother Guy follows with Florian Trittel of Spain the next best so far in qualification.

In the remaining fleets, Rio silver medallists Jason Waterhouse and Lisa Darmanin of Australia sailed a perfect day in the Nacra 17, winning all three races to grab top spot. 

Australia's Jake Lilley was equally dominant in the finn, taking both race victories, and Australia's Tess Lloyd and Eliza Solly lead by one point in the 49erFX.

Racing is set to continue tomorrow (December 7) from 12pm local time.