The fast and challenging nature of the circuit was an education for a generation of Queensland racing drivers and riders, including: John French, Dick Johnson, Gregg Hansford, Tony Longhurst, Will Power and five time 500cc Grand Prix motorcycle road racing world champion Mick Doohan.

For much of the circuit's life these meetings were the largest of the year and played host to some brilliant racing, the highlight of which was the 1981 title showdown between local hero Dick Johnson and reigning champion Peter Brock.

Despite a wounded car Johnson won the race and the title in front of his home crowd and secured for himself a future in the sport after almost 20 years of battling at times just to compete.

Although national championship racing was still being held at the circuit in July 2001[5] declining revenues, mounting debts, court proceedings, an increasingly hostile local council and competition for event with the nearby Queensland Raceway led to the circuit's closure in 2001.

'Friends of Lakeside', led by Robert Hardacre and Trevor 'Shelby' Beutel compiled much data relating to the history of Lakeside and were able to initially have the circuit listed on the Queensland Heritage Register,[citation needed] which is the main reason why the local council were prevented from demolishing the track and facilities.

On 18 December 2007, Pine Rivers Shire Council and Queensland Raceway (Wrexmere Pty Ltd) signed off on a 30-year-long-term lease (with an option for 10 years) to operate the facility, including both driver training and racing.

The circuit reopened during 2008 strictly as a local racing venue, and the new operators, the owners of Queensland Raceway, have no ambitions to hold national level meetings, preferring to use the better quality facilities at their sister-circuit for higher level meetings.

Further upgrades following these works in 2011 involved removing the Armco barriers on the inside of the track on the exit of Karousel.

The track reopened after the refurbishment in early 2009 and has remained open since, although its ongoing operation is under threat due to repeated breaches of the venues' 70 dB noise restrictions.

Both races were won by World Formula One Champion drivers, Australia's own Jack Brabham in 1964 and Scotland's Jim Clark in 1967.