Oscars 2014: Cate Blanchett wins Best Actress for Blue Jasmine

Australian actress accepted award for her role in Woody Allen's acclaimed film

Cate Blanchett accepts her Best Actress Oscar and speaks about films with females at the centre (Getty Images)

Cate Blanchett has won Best Actress at the 86th Academy Awards, beating competition from American Hustle's Amy Adams and Gravity's Sandra Bullock.

The Blue Jasmine star accepted the accolade from last year's Best Actor, Daniel Day Lewis, for her performance as deeply troubled socialite Jeanette 'Jasmine' Francis in Woody Allen's acclaimed film.

See Cate Blanchett's Speech In Full Here

"Sit down you're too old to be standing!" she joked to open her speech. "Thank you Mr Day Lewis. Thank you so much to the Academy, as random and as suggestive as this award is, it means a great deal in a year of extraordinary performances by women.

"Thank you so much Woody for casting me. I'm so very proud that Blue Jasmine stayed in the cinemas for as long as it did.

"Female films with women at the centre - people want to see them, they earn money. The world is round people!

"To the hair and make-up people who sweated me up and tried to make me look attractive.

"There is so much talent in Australia, we are just the tip of the iceberg. Thank you so much."

Blanchett had been the runaway favourite before the ceremony at Hollywood's Dolby Theater, having swept the board at recent awards.

The 44-year old Australian actress won the Golden Globe and Critics Choice awards for her latest role. She last won an Oscar in 2005 for her Best Supporting Actress role in The Aviator.