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By late afternoon, one person had been arrested and three had been taken to hospital, which was lower than at the same time of the day last year.
Event co-ordinator Luke Matsopoulos hopes the good behaviour will continue for the rest of the event.
"We’re really happy with everything so far.
"All agencies involved have played a huge part in keeping safety and logistics on point.
"The real winners so far today, have been the students. It’s awesome seeing them have such a great time, despite the terrible weather, and also the way they have been looking after each other.
"Hyde St residents have been great hosts.”
OUSA president Caitlin Barlow-Groome is pleased with how everything has been managed so far.
"It’s fantastic to see everyone looking after each other, and even though it’s so cold, they’re all still having a great time.
"Shame about the weather. I noticed a few left after the first big downpour but there are still plenty of people dancing up a storm.
"The people dressed as Teletubbies and in big fluffy animal onesies will be stoked with their costumes choices today.”
She said the 7000 sausages, 5000 churros and 1600 pork buns have been well received by students throughout the day, as have the Are You OK? volunteers who have been providing peer-to-peer support to any students needing time-out.