Team Betta Electrical won the Betta Electrical 500 when Craig Lowndes crossed the finish line ahead of Mark Skaife and Jason Richards. Lowndes, sharing his Falcon with French touring car ace Yvan Muller, won the Melbourne classic after a final battle with local driver and event favourite Mark Skaife.

Lowndes started from the front row, which was shared with HSV Racing pilot Rick Kelly. Lowndes, looking to take third place in the championship with top results in the endurance rounds, was quick off the line, leading the field into turn one.

Todd Kelly was pushed off track on the first lap losing places to Stone Brothers men Russell Ingall, and Marcos Ambrose.

The race as moving along steadily in early stages. Sportscar ace David Brabham was turned around by Glenn Seton, though the internationally based Australian managed to steer his Prodrive built FPR Falcon off the walls and back onto the track.

While this was unfolding, Stone Brothers pilots Ingall and Ambrose were held up behind Rick Kelly, who appeared either to be adhering to a strict fuel strategy, or struggling to stay ahead of the notoriously quick SBR Fords.

As Kelly served as a four-heeled road block, Lowndes sped away to a solid lead which peaked at just over twenty seconds. Before the safety car interfered, assisting the retrieval of Matt Coleman. Coleman impressed in his debut drive for Larry Perkins' Castrol outfit, before burying his Commodore in the tyre wall after fifteen laps.

Then came the rain that had threatened the race since early morning. Brit John Cleland was one of the first to notice, slipping off the circuit onto the lush green stuff that lines the Victorian racetrack.

Lowndes' lead was back up to nine seconds after the safety car intervention. Several drivers slipped off the circuit as the rain became harder and harder. Lowndes stayed out on slick tyres, while many teams opted to bring their men in and fit specialty rain rubber.

Ambrose, closely following Ingall, locked up and punted his team-mate, damaging the rear end of the green Havoline car and the front aero/cooling system of the blue Pirtek vehicle. Todd Kelly, at the wheel of the lead Holden Racing Team Commodore, was chasing Ambrose when this unfolded, and passed the championship leader on the same lap.

Moments later, Ingall and Ambrose pitted for a driver, tyre, and brake pad change. However, once Luke Youlden and Warren Luff had taken over for their full time counterparts, it wasn't long until they found themselves under serious pressure from none other than Craig Lowndes, who then lapped both SBR entrants, effectively taking them out of race contention.