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| Date | Sunday 8 March 1998 |
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| Start time | 14:00 |
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| Event |  Australian GP |
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| Circuit | Melbourne |
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| Event Format | Race of 58 laps |
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| Championship | World Championship |
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| Race number | #1 of 16 in 1998
#615 (of all time) |
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| Laps | 58 |
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| Circuit Perimeter | 5303 m |
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| Race Distance | 5303 × 58 = 307.574 km |
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| Grid Format | 2-2-2-2 (staggered) |
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| Pole Position | Left |
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| First Corner | Right |
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| Track Direction | Clockwise |
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| Weather | Sunny, Hot, Dry |
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| Entries | 22 |
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| Qualifiers | 22 |
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| Finishers | 9 |
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| Debutants | Esteban Tuero (Driver),
Toranosuke Takagi (Driver),
Arrows (Engine Manufacturer),
Mecachrome (Engine Manufacturer),
Playlife (Engine Manufacturer),
Arrows A19 (Car Model),
Benetton B198 (Car Model),
Ferrari F300 (Car Model),
Jordan 198 (Car Model),
McLaren MP4/13 (Car Model),
Minardi M198 (Car Model),
Prost AP01 (Car Model),
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Sauber C17 (Car Model),
Stewart SF2 (Car Model),
Tyrrell 026 (Car Model),
Williams FW20 (Car Model),
B&H Jordan (Entrant),
Danka Zepter Arrows (Entrant),
Fondmetal Minardi Team (Entrant),
Gauloises Prost Peugeot (Entrant),
HSBC Stewart Ford (Entrant),
Mild Seven Benetton Playlife (Entrant),
Winfield Williams (Entrant)
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| Milestones | Bridgestone – 1st Fastest Lap (Tyre Manufacturer)
Bridgestone – 1st Pole Position (Tyre Manufacturer)
Bridgestone – 1st Win (Tyre Manufacturer)
 Mika Häkkinen – 100th Race Entry (Driver)
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| Records Broken |
None
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| Records Extended |
1. Most Constructors' Championship Points Scores –  Ferrari (520),
2. Most Drivers' Championship Points Scores – Ferrari (652),
3. Most 4th Place Finishes – Ferrari (117),
4. Most Race Entries – Ferrari (1396),
5. Most 3rd Place Qualifications – Ferrari (150),
6. Most 8th Place Qualifications – Ferrari (85)
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