After a brilliant spring, Northerly's campaign autumn in 2003 failed to reach the same heights. Wins in the St George Stakes and the Australian Cup (by four lengths) were interspersed with defeats in the Orr Stakes and the Victoria Gold Cup, where he was defeated as a long-odds-on favourite by the hitherto unheralded Mr Trickster. In Sydney, Northerly was also odds-on favourite in his three starts, but failed to win. In the Ranvet Stakes, he was run down by Republic Lass; in the Manion Cup, he was unplaced; in The BMW Stakes, Freemason set a course-record pace, and Northerly was unable to run him down, as the two horses dueled over the final 800 metres.