The 1984 race was the fifth Australian Grand Prix held at Calder Park and the fourth contested under Formula Pacific or Formula Mondial regulations. Organiser Bob Jane continued the established tradition of inviting international star drivers, predominantly from Formula One, to compete against the domestic field. The 1984 entry included three world champions: Niki Lauda, who had secured his third title in 1984 and was the reigning champion; Keke Rosberg, the 1982 champion; and alongside them Formula One regulars Andrea de Cesaris and François Hesnault.
The race marked the conclusion of the Australian Grand Prix's domestic open-wheel era. Formula Mondial remained Australia's premier open-wheel category for a further two years and was not completely supplanted until the creation of Formula Holden in 1989. The arrival of Formula One, however, deprived Australian domestic racing of its signature event.
The Ralt RT4 was the dominant chassis, used by 18 of the 24 starters. The remaining entries comprised the Tiga FA81/83, two Cheetah Mk.8s, a Kaditcha FA82A, a Liston BF2 and a Dart 83M. Every car in the field ran the 1.6-litre Ford BDA four-cylinder engine. One notable withdrawal occurred before the race began: touring car driver Peter Williamson crashed his Toyota-powered Toleman TG860 in early practice. The damage ended his participation and he announced his retirement from open-wheel racing, prompting the Toleman's withdrawal from the meeting.
Preparation by the international guests was unconventional. Lauda and Rosberg, both keen aviators, spent much of practice and qualifying at an air show at the nearby Essendon Airport. Lauda, newly crowned world champion, stated publicly that he was in Australia primarily for a holiday and to get away from Europe.
Andrea de Cesaris began from an unguarded pit lane ahead of the field and briefly held the lead, though official lap scoring counted him from his second lap. John Bowe, the 1984 Australian Drivers' Champion and a front-row qualifier, led the field from the start but was forced to pit on lap 9 when a loose spark plug lead caused his 1.6-litre Ford engine to misfire. The stop for a replacement plug lead handed the lead to Moreno.
Lauda, Rosberg, and de Cesaris had made poor starts but worked their way forward as the race developed. François Hesnault, Bowe's teammate, retired after contact with Bruce Connolly. Lauda and Rosberg engaged in a duel for third place until a lapping incident with Terry Ryan produced a collision. Rosberg and Ryan were both able to continue; Lauda was put out of the race. Alfredo Costanzo, running the Tiga FA81/83, held a podium position until Rosberg and then de Cesaris overtook him in the closing stages. Bowe dropped further back with electrical problems, eventually finishing sixth behind David McMillan.
Moreno crossed the line in a winning time of 1 hour 10 minutes 51.39 seconds, at an average speed of 136.33 km/h. Niki Lauda, despite his retirement, set the fastest lap of the race at 41.27 seconds.
John Bowe's brief spell at the front on lap 9 carried historical weight. With the Australian Grand Prix moving to Formula One from 1985, Bowe became the last Australian driver to lead the event until Mark Webber led lap 21 of the 2006 Australian Grand Prix. Between Moreno's takeover of the lead on lap 9 in 1984 and Webber's appearance at the front in 2006, a total of 1,504 race laps elapsed without an Australian leading the Australian Grand Prix.
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