Classic Car Racing at Phillip Island, Victoria, is comparable in status to similar events at Mount Panorama in New South Wales, Australia.
Getting to the Island can be half the fun of spending the weekend there.  
I live in Geelong, on    the west side of Port Phillip, not far from a Faux-Gold Coast town called Queenscliff.   
I didn't fancy spoiling the weekend by drivng the new Fiat through Melbourne traffic, so I took the Queenscliff Ferry for a 40 min trip acoss the Bay to Sorrento - a beach resort township - an hour or so north of the Island.  Much more fun.  I enjoyed a coffee and an orange tea cake,  and continued driving through the countryside on toll-free roads to Newhaven. Cross the bridge, and I'm on the Island, just four hours since getting out of bed.
The Island was already buzzing..