The event, officially named the XLVI National Panasonic Australian Grand Prix, drew a field that belied its single-make character. Reigning 1981 Formula One World Champion Nelson Piquet of Brazil and Australia's 1980 World Champion Alan Jones both appeared in the entry list, making it the first Australian Grand Prix since 1968 to feature two or more current or former World Drivers' Champions. Thirteen of the twenty starters drove Ralt RT4 cars powered by 1.6-litre Ford engines, including the entire top six from qualifying.
Roberto Moreno, a 22-year-old Brazilian, was the fastest driver in qualifying with a lap time of 39.2 seconds, sharing the pole time with Alan Jones — both recorded identical 39.2-second laps. Piquet qualified third at 39.3 seconds. John Bowe of Australia was fourth at 39.6 seconds, followed by Bruce Allison and Jacques Laffite, the French Formula One race winner, both at 39.8 seconds. Geoff Brabham qualified seventh.
Moreno's participation required five separate endorsements before the race to satisfy the conditions for his FIA Super Licence. The first endorsement was provided by Calder Park Clerk of Course Ken Smith.
Moreno converted his pole position into a commanding victory, winning in a time of 1 hour, 7 minutes and 39.2 seconds, and setting the fastest lap of the race at 39.8 seconds. Piquet finished second, one lap down, with Geoff Brabham third also one lap behind the winner. All three drove Ralt RT4-Fords.
Larry Perkins, a former Formula One driver who would later establish himself as a touring car star in Australia, finished fourth, also one lap adrift. Andrew Miedecke crossed the line fifth. David Oxton of New Zealand and British driver Ray Mallock completed the top seven finishers.
Jacques Laffite, who had qualified sixth, retired from the race after 43 laps with an oil line failure. The most significant retirement was that of Alan Jones, who had been running second when he was eliminated by transmission failure six laps from the finish, having completed 93 of the 100 laps. John Bowe, who had qualified fourth, retired after only 15 laps with a broken water pump belt.
Roberto Moreno's performance announced a driver who would subsequently reach Formula One, where he competed across multiple seasons in the decade that followed. His victory at Calder Park, achieved against two World Champions in a field that was administratively difficult to enter, established his credentials at a pivotal stage of his career.
The 1981 race represented a deliberate shift in the Australian Grand Prix's format: by adopting Formula Pacific, the event's organisers created conditions in which international stars and domestic talent competed on genuinely equal machinery. The presence of Piquet and Jones gave the meeting star power consistent with the event's history while the Ralt RT4's monopoly ensured the outcome was settled by driving ability rather than resources.
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