The race was won by Italian driver Ludovico Scarfiotti driving a Ferrari 312 in his only Grand Prix victory.
Parkes only just defeated New Zealand racer Denny Hulme in his Brabham BT20, the pair separated by less than half a second.
While series points leader Jack Brabham stopped with an oil leak in his Brabham BT19 on lap seven, he secured his third world championship, and the unique achievement of becoming world champion in a car of his own make, when his only remaining points rival John Surtees stopped with a fuel leak in his Cooper T81 24 laps later.
Jack Brabham was odds-on favourite for the Championship – only John Surtees could stop him and only then by winning all three remaining races.
On lap 17, Richie Ginther had a horrific accident, crashing heavily into the trees and being very fortunate to escape with his life.