GEELONG has pinched a five-point win over a gallant Carlton at Etihad Stadium on Friday night, emerging on top after a pulsating contest that had more momentum swings than you see in some seasons.

Skipper Joel Selwood played the last-gasp hero for Geelong, running onto a Cameron Guthrie handball at the 29-minute mark and kicking the goal that sealed the Cats' 16.11 (107) to 15.12 (102) victory.

Even then, the Cats had to survive another two frantic minutes of play, and the ball was locked deep in the Blues' forward line when the final siren sounded. 

Both teams looked to have the victory in their keeping several times during the game.

After being down by 24 points, the Blues kicked six straight goals from the 16-minute mark of the third term to lead by 16 points at the 11-minute mark of the final quarter. 

Many thought the Cats would be at their ferocious best after their humiliating 110-point loss to the Sydney Swans last Thursday, but the Blues hit them hard early, and led by 15 points when Robbie Warnock kicked the opening goal of the second term. 

The Cats hit back to kick nine of the next 12 goals, and led by 24 points when Andrew Mackie snuck forward to kick a major at the 12-minute mark of the third term.

Gibbs was the best player on the ground with 29 possessions and four goals, and his clever snap late in the final term in many respects deserved to be the match-winner.

Tom Hawkins was brilliant for the Cats, especially in the second term when he kicked four goals on opponent Sam Rowe that turned the tide of the game.

Hawkins did not kick another goal after Michael Jamison was switched onto him after half-time, but his work up the ground was creative and he finished with an equal game-high 10 marks.

Stokes (22 possessions and three goals), James Kelly (27 possessions) and Harry Taylor, who kept Lachie Henderson goalless, were among the Cats' best.

A relieved Cats coach Chris Scott said his team had been lucky to emerge with the four premiership points.

"It was a gutsy win, it's a win we were fortunate to get," Scott said after his side improved its win-loss record to 8-3.

"Good players in big moments hang in there and Selwood finishing off was kind of what we come to expect from him in the end, but that does not take away from the fact we were pretty fortunate."

Carlton coach Mick Malthouse struggled to hide his disappointment post-match, particularly with two umpiring decisions with the ball deep in Carlton's forward line inside the final minute involving Mitch Robinson and Troy Menzel. 

"Our second quarter was ordinary, we just didn't control the ball," Malthouse said. 

"We didn't take possession of the football, they stripped us of it and we couldn't get it back off them. 

"I thought after half-time we reversed that. I thought we were much better with the football because we realised by that stage you can actually hang onto the football a bit longer."

Andrew Carrazzo was outstanding for the Blues, keeping Steve Johnson to 19 possessions and none of his usual influence, while Dale Thomas (three goals despite spending time on the bench being tested for concussion) and Troy Menzel (two) were key drivers in the Blues' second-half comeback.

The win extended the Cats' perfect record against the Blues at Etihad Stadium to 12-0, and was their fifth consecutive win over Carlton.

The Blues' loss sees them slump to 4-7, and their finals hopes appear remote, especially as they play Hawthorn and Collingwood over the next three weeks.