| Overview | Grid | Race Entries |
| Race | Qualifying |
| Race Name: | LI Foster's Australian Grand Prix |
| Track: | Adelaide Street Circuit |
| Round: | 16 of 16 |
| Race date: | Sunday, October 26th, 1986 |
| Race time: | 14.00 |
| 1st | 2nd | 3rd | |
| Driver | Alain Prost | Nelson Piquet | Stefan Johansson |
| Constructor | McLaren-TAG | Williams-Honda | Ferrari |
| Car | McLaren MP4/2C | Williams FW11 | Ferrari F1-86 |
| Engine | TAG P01 | Honda RA163F | Ferrari 126C |
| Tyre | Goodyear | Goodyear | Goodyear |
| Time | 1:54:20.388 | 1:54:24.593 | 1:55:28.591 |
| Gap | 4.205 secs | 1 Lap |
| P | No. | Driver | Qual | Race | Total | |
| 1 | 5 | Nigel Mansell Williams-Honda | 1:18.403 0 | 1:21.194 63 | 1:18.403 63 | |
| 2 | 6 | Nelson Piquet Williams-Honda | 1:18.714 0 | 1:20.787 82 | 1:18.714 82 | |
| 3 | 12 | Ayrton Senna Lotus-Renault | 1:18.906 0 | 1:24.149 43 | 1:18.906 43 | |
| 4 | 1 | Alain Prost McLaren-TAG | 1:19.654 0 | 1:20.979 82 | 1:19.654 82 | |
| 5 | 25 | René Arnoux Ligier-Renault | 1:19.976 0 | 1:22.955 79 | 1:19.976 79 | |
| 6 | 20 | Gerhard Berger Benetton-BMW | 1:20.554 0 | 1:24.807 40 | 1:20.554 40 | |
| 7 | 2 | Keke Rosberg McLaren-TAG | 1:20.778 0 | 1:21.900 62 | 1:20.778 62 | |
| 8 | 26 | Philippe Alliot Ligier-Renault | 1:20.981 0 | 1:25.798 79 | 1:20.981 79 | |
| 9 | 27 | Michele Alboreto Ferrari | 1:21.709 0 | No Time 0 | 1:21.709 0 | |
| 10 | 4 | Philippe Streiff Tyrrell-Renault | 1:21.720 0 | 1:22.681 80 | 1:21.720 80 | |
| 11 | 23 | Andrea de Cesaris Minardi-Motori Moderni | 1:22.012 0 | 1:26.591 40 | 1:22.012 40 | |
| 12 | 28 | Stefan Johansson Ferrari | 1:22.050 0 | 1:22.136 81 | 1:22.050 81 | |
| 13 | 19 | Teo Fabi Benetton-BMW | 1:22.129 0 | 1:25.895 77 | 1:22.129 77 | |
| 14 | 11 | Johnny Dumfries Lotus-Renault | 1:22.664 0 | 1:22.464 80 | 1:22.464 80 | |
| 15 | 15 | Alan Jones Lola-Hart | 1:22.796 0 | 1:24.585 16 | 1:22.796 16 | |
| 16 | 3 | Martin Brundle Tyrrell-Renault | 1:23.004 0 | 1:22.950 81 | 1:22.950 81 | |
| 17 | 16 | Patrick Tambay Lola-Hart | 1:23.008 0 | 1:24.182 70 | 1:23.008 70 | |
| 18 | 24 | Alessandro Nannini Minardi-Motori Moderni | 1:23.052 0 | 1:27.821 10 | 1:23.052 10 | |
| 19 | 7 | Riccardo Patrese Brabham-BMW | 1:23.230 0 | 1:23.095 63 | 1:23.095 63 | |
| 20 | 8 | Derek Warwick Brabham-BMW | 1:23.313 0 | 1:23.695 57 | 1:23.313 57 | |
| 21 | 14 | Jonathan Palmer Zakspeed | 1:23.476 0 | 1:23.866 77 | 1:23.476 77 | |
| 22 | 18 | Thierry Boutsen Arrows-BMW | 1:24.295 0 | 1:25.351 50 | 1:24.295 50 | |
| 23 | 29 | Huub Rothengatter Zakspeed | 1:25.181 0 | 1:26.479 29 | 1:25.181 29 | |
| 24 | 17 | Christian Danner Arrows-BMW | 1:25.233 0 | 1:25.635 52 | 1:25.233 52 | |
| 25 | 21 | Piercarlo Ghinzani Osella-Alfa Romeo | 1:25.257 0 | 1:34.172 2 | 1:25.257 2 | |
| 26 | 22 | Allen Berg Osella-Alfa Romeo | 1:27.208 0 | 1:33.172 61 | 1:27.208 61 |