The race traces its lineage to the 1960 Armstrong 500. Since then 51 races have taken place under the combined history of two events at two venues in two states.

It is known among fans and broadcasters as "The Great Race", and is widely regarded as the pinnacle of Australian motorsport. Since 2000, the race has been run exclusively for V8 Supercars and is now a round of the V8 Supercar Championship Series.