Sebastian Vettel says it is not 'impossible' for Ferrari catch Mercedes, despite finishing more than half a minute adrift in the Australian Grand Prix.

The former champion marked his much anticipated Ferrari debut with a strong to third place, but at no point was he able to match the pace of Lewis Hamilton and Nico Rosberg out front as they coasted to an untroubled 1-2 at Albert Park.

Raising concerns the 2015 season is already shaping up to be a dominant two-way battle between Hamilton and Rosberg once again, Vettel insists it is too early to tell and remains optimistic that Ferrari has the pace to get on terms at some stage.

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"Well, first of all, they don't have a horse on their car, they have a star so it's a big difference, as I learned," he joked when asked if the season will be a two-horse race.

"You have to be realistic: this weekend it was in in their hands and they did a great job, not just as a team, both individually. I drove the car to the limit. They have a great package at the moment, existing from car and drivers which will be difficult to beat, it's a big gap. Thirty-four seconds down the road is a lot for everyone else.

"You can turn it around a little bit for the next Grand Prix, we can be closer but it could be even worse. I think the first three races you really have t try and understand who is strong and what are the gaps. So they are the favourites; they had a huge advantage last year and I think they did a good job in increasing the advantage for the year. It will be difficult but not impossible for us and the rest to catch up."