Sixteen-year-old Australian Matt Graham scored an upset win over current Olympic gold medalist and world champion, Alexandre Bilodeau, in the James Boag's ABOM dual moguls competition at Victoria's Mount Buller today.

And the female member of the Australian Institute of Sport / NSW Institute of Sport moguls team also shared the glory with 16-year-old sensation Britt Cox winning her event.

But due to the credentials of Bilodeau, the day belonged to Graham, a secondary school student from Gosford, located on NSW's Central Coast, about 76 kilometres north of Sydney.

Bilodeau, 23, won the dual moguls at the world championships in 2011 and 2009 and the moguls Olympic gold medal last year in Vancouver.

Today's third and fourth places went to Korea's Jae-Woo Choi and Australia's Hugh Norton, who skied off in the small final.

Graham's 13 to 12 points win completes a hat-trick in the annual Mt Buller classic, an event that the Australian has "owned" since his first victory in the competition as a 14-year-old.

Despite the importance of the win, the AIS / NSWIS athlete chose to "keep a lid on things."

"The win kind of makes me feel pretty good," Graham said.

Graham conceded that today's win "was a little more special" than his victory in the Suzuki National Moguls Championships at NSW's Perisher resort last weekend.

AIS mogul skiing program head coach Steve Desovich was also relatively low key, describing the win as a "positive result and well earned" but stressed that both he and Graham need to keep the victory in perspective for the future.

"We know that Matt is going to have his work cut out in World Cup this year as there are probably 20 or 25 guys with his ability," Desovich said.

"Today was a good result but we must now keep our focus on making solid progress at the World Cup level over the next years in the lead up to Sochi 2014."

Cox's win gave her back-to-back ABOM victories, which was achieved in convincing style over compatriots Taylah O'Neill, Nicole Parks and Pip Sparrow in fourth place.

Cox, who finished second in the first of two competitions at Perisher last weekend, enjoyed the benefits of months of hard training focused on achieving bigger jumps and speed.

"I skied much better today as a result of being faster and more direct, with bigger jumps," Cox said.

Australian 16-year-old Matt Graham captured his maiden victory in open competition when he won a drama packed second event in the Suzuki National Moguls Championships at NSW's Perisher resort today.

The Australian Institute of Sport / NSW Institute of Sport athlete turned the tables on his more experienced rival, Russia's Alexander Smyshyaev.

The Australian teenager and the Russian waged a two day duel during these championships with Alexander Smyshyaev edging out Graham by 0.95 of a point in the first event on Friday, but Graham finished ahead by 0.1 of a point in their return stouch today.

An elated Graham, who was runner up in last year's event, said that he knew he could put pressure on the Russian, and was buoyed by the slender margin in yesterday's competition.

"I knew I had to put a clean run down in the qualification round and then step up the pressure in the final," Graham said.

"I am wrapped to win today."

Another Russian, Sergey Volkov, took out third place.

Graham's win over the Russian was a surprise to many, given the experience of Smyshyaev.

However, it was Graham who held his poise and composure when the competition developed in to a gripping final.

The teenager set up his win in the turns, earning 0.9 of a point more than the Russian.

Smyshyaev was more impressive in the air and received slightly more points in speed down the 254-metre course, which was bathed in magnificent sunny conditions.

To add to Australia's successes, NSW Institute of Sport's 19-year-old Nicole Parks also celebrated victory, with a win over Japan's Miki Ito and third placed Russian Regina Rakhimora.

Parks, a NSWIS team member for seven years, said she was as surprised as anybody by her win in a battle that was as tight as the men's final.

"I didn't ski well yesterday and today was all about a different mindset," Parks said.

"I approached today with a far more positive frame of mind and it really paid off."

Parks is hoping that today marks the start of her claim for team selection at the 2014 Sochi Winter Olympic Games, in Russia.

Australian teenagers Brit Cox and Matt Graham fell agonisingly short of victory in the opening event of the Suzuki National Moguls Championships at NSW's Perisher resort yesterday.

Skiing in challenging conditions, Cox was a mere 0.06 points behind the winner while Graham fell short by just 0.95 points.

The women's event was won by Japan's Arisa Murato, with compatriot Miki Ito occupying the other podium position.

The men's moguls competition was won by Russian Alexander Smyshyaev ahead of teammate Denis Dolgodvorov in third.

The women's event was a close fought affair with the three top finishers scoring 18.54, 18.48 and 17.68 points, in a three way battle for victory.

Although Cox wanted the win, she is particularly pleased with the way she skied.

The Australian Institute of Sport/NSW Institute of Sport athlete was the benchmark with her turns, with a point advantage over Murato, and went close to earning the judges' top marks with jumps.

However, the difference between winning and coming second was Murato's speed down the mountain, which has become the hallmark of the Japanese team.

Snow speed has been a focal point for Cox's on-going development and she has been working hard with AIS mogul skiing program head coach Steve Desovich.

"Considering the conditions, there was an improvement but hopefully I can go a bit bigger again and faster in the second competition," Cox said.

"I have a few things I want to work on but overall I was pretty pleased with the way I skied."

Fellow AIS/NSWIS skier Graham was close to Smyshyaev with speed, the Australian matched the Russian with jumps points but was unable to match the winner with turns.

NSWIS athletes David Graham and Sam Hall were also impressive, finishing in fifth and sixth places, a strong result given the quality of the 49 men competing from Australia and overseas.