Following the collapse of HRT F1 in December 2012, the grid for the season was reduced to twenty-two entries. This necessitated changes to the structure of qualifying, with six cars eliminated during the first period of qualifying instead of seven. The Fédération Internationale de l'Automobile introduced new rules restricting the use of the Drag Reduction System during free practice and qualifying, limiting its use to designated DRS zones. However, a technical glitch in the telemetry system meant the system was unrestricted during Friday practice, forcing stewards to rely on drivers to use the system honestly. Tyre supplier Pirelli provided teams with super-soft and medium compound tyres for the race.
Melbourne experienced a record heatwave and no rain for almost the entire month of March prior to qualifying. However, heavy rainfalls occurred just before qualifying, leading to a thirty-minute postponement. The first session of qualifying (Q1) was held in wet conditions, with all drivers on wet tyres. Lewis Hamilton and Felipe Massa both spun into walls but were able to continue. As the track dried, drivers switched to intermediate tyres. Esteban Gutiérrez spun and stalled his engine, ending his qualifying session. Six drivers were eliminated at the end of Q1, including Pastor Maldonado, Esteban Gutiérrez, Jules Bianchi, Max Chilton, Giedo van der Garde, and Charles Pic. Charles Pic failed to set a lap time within 107% of the fastest time, set by Nico Rosberg, but was allowed to start the race by the race stewards.
Due to debris and intensifying rain, the break between Q1 and Q2 was extended, and Q2 was eventually postponed until Sunday morning. Q2 began at 11:00 local time with a damp track and cool temperatures. Nico Hülkenberg, Adrian Sutil, Jean-Éric Vergne, Daniel Ricciardo, Sergio Pérez, and Valtteri Bottas failed to make it through to Q3. In Q3, the Red Bulls locked out the front row, with Sebastian Vettel on pole and Mark Webber in second.
The race began at 17:00 local time, with Nico Hülkenberg unable to participate due to a fuel feed problem in his Sauber C32. Sebastian Vettel had a perfect start, but Mark Webber dropped to seventh due to an ECU problem affecting his KERS. Felipe Massa moved to second and Fernando Alonso to third. Kimi Räikkönen moved up to fifth and then fourth. Jenson Button made an early pit stop on lap four, followed by many others. Mark Webber lost further time due to a slow pit stop. Sebastian Vettel, Felipe Massa, Fernando Alonso, and Kimi Räikkönen stayed out longer before pitting. Lewis Hamilton and Nico Rosberg attempted a two-stop strategy. Adrian Sutil and Sergio Pérez, who started on medium tyres, led the race temporarily. Sergio Pérez was quickly passed, but Adrian Sutil held off Sebastian Vettel, Felipe Massa, and Fernando Alonso.
On lap 20, Fernando Alonso made an early second pit stop, jumping Adrian Sutil and Sebastian Vettel. Felipe Massa dropped back. Kimi Räikkönen, Lewis Hamilton, and Nico Rosberg held the top three, attempting two-stop strategies. Nico Rosberg retired with an electrical failure. Fernando Alonso passed Lewis Hamilton on lap 32, forcing Lewis Hamilton to pit. Kimi Räikkönen made his second pit stop on lap 34. Fernando Alonso built a lead over Sebastian Vettel. Felipe Massa made his final pit stop on lap 36, followed by Sebastian Vettel on the next lap. Fernando Alonso waited until lap 39. Daniel Ricciardo retired with a broken exhaust. Adrian Sutil led briefly but was passed by Kimi Räikkönen and Fernando Alonso. Lewis Hamilton made a third pit stop.
Adrian Sutil made his final pit stop on lap 46, switching to super-soft tyres, but they wore out rapidly. Lewis Hamilton and Mark Webber passed him on lap 51. Kimi Räikkönen maintained his lead, setting the fastest lap of the race on lap 56. Fernando Alonso settled for second. Kimi Räikkönen won the race, with Fernando Alonso second and Sebastian Vettel third. Felipe Massa was fourth, Lewis Hamilton fifth, and Mark Webber sixth. Adrian Sutil finished seventh, ahead of Paul di Resta. Jenson Button was ninth, and Romain Grosjean took the final point. Esteban Gutiérrez was the best-placed rookie in 13th, ahead of Valtteri Bottas. Jules Bianchi finished 15th. Ferrari took the lead in the Constructor's Championship, with Lotus-Renault second and Red Bull-Renault third. This was Kimi Räikkönen's twentieth career win, tying him with Mika Häkkinen.
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