Ferrari No. 1 Michael Schumacher reckons the team shouldn't be too disappointed following the Australian Grand Prix, as the car is still very competitive.

The German, who finished fourth, noted: "Naturally, it wasn't the result that we wanted, but we mustn't forget that last year a lot of things went right for us.

"We knew very well that things could not always continue like this, and we continually made this clear. This race was a bit chaotic too.

"For example, it was difficult to predict what the weather would do, and so it was hard to weigh up if and when to do things. Our choice of tyre, for example, can seem like a mistake in hindsight, but in our opinion it was too wet at the start to go with dry tyres. Also, we couldn't change them straight away because on the opposite side of the track from the starting grid, and in the finishing straight, it was still raining.

"And then there was my mistake in hitting the kerb and damaging the car - which happened before the half way point of the race. All in all, I can say I am very satisfied with fourth spot. The season is a long one and the championship struggle is not over after only one race."

Michael added: "The good news which we can draw from this race is that our old car is still very much competitive. If the conditions had been normal, theoretically we could even have won.

"So, we go into the next with confidence. But, for me it is still too early to have a complete picture of the potential of the other teams.

"After a race like this, it's hard to gauge the strengths of each team. I still think that for this we have to wait until Malaysia. Last year, after Australia, everyone spoke about how strong Ferrari were and suddenly in Malaysia it was all so different. So, I prefer to wait until the next race before passing judgement."