The event was the tenth running of the "Australia 1000" race, first held after the organisational split over the Bathurst 1000 that occurred in 1997.

It was also the 49th race in a sequence of endurance events beginning with the 1960 Armstrong 500 held at Phillip Island.

The race was won by Craig Lowndes and Jamie Whincup driving a Ford Falcon (BA) entered by Team Betta Electrical.

It was Lowndes second win, achieved ten years after his 1996 AMP Bathurst 1000 victory.

2005 winners Mark Skaife and Todd Kelly were split between the two factory Holden teams, despite racing as team-mates during the regular season.