| Overview | Grid | Race Entries |
| Race | Qualifying |
| Race Name: | LIII Foster's Australian Grand Prix |
| Track: | Adelaide Street Circuit |
| Round: | 16 of 16 |
| Race date: | Sunday, November 13th, 1988 |
| Race time: | 14.00 |
| 1st | 2nd | 3rd | |
| Driver | Alain Prost | Ayrton Senna | Nelson Piquet |
| Constructor | McLaren-Honda | McLaren-Honda | Lotus-Honda |
| Car | McLaren MP4/4 | McLaren MP4/4 | Lotus 100T |
| Engine | Honda RA168E | Honda RA168E | Honda RA168E |
| Tyre | Goodyear | Goodyear | Goodyear |
| Time | 1:53:14.676 | 1:53:51.463 | 1:54:02.222 |
| Gap | 36.787 secs | 47.546 secs |
| P | No. | Driver | Qual | Race | Total | |
| 1 | 12 | Ayrton Senna McLaren-Honda | 1:17.748 0 | 1:21.668 82 | 1:17.748 82 | |
| 2 | 11 | Alain Prost McLaren-Honda | 1:17.880 0 | 1:21.216 82 | 1:17.880 82 | |
| 3 | 5 | Nigel Mansell Williams-Judd | 1:19.427 0 | 1:21.713 65 | 1:19.427 65 | |
| 4 | 28 | Gerhard Berger Ferrari | 1:19.517 0 | 1:21.900 25 | 1:19.517 25 | |
| 5 | 1 | Nelson Piquet Lotus-Honda | 1:19.535 0 | 1:21.502 82 | 1:19.535 82 | |
| 6 | 6 | Riccardo Patrese Williams-Judd | 1:19.925 0 | 1:21.948 82 | 1:19.925 82 | |
| 7 | 17 | Derek Warwick Arrows-Megatron | 1:20.086 0 | 1:24.064 52 | 1:20.086 52 | |
| 8 | 19 | Alessandro Nannini Benetton-Ford Cosworth | 1:20.182 0 | 1:22.467 63 | 1:20.182 63 | |
| 9 | 16 | Ivan Capelli March-Judd | 1:20.459 0 | 1:21.526 81 | 1:20.459 81 | |
| 10 | 20 | Thierry Boutsen Benetton-Ford Cosworth | 1:20.486 0 | 1:21.793 81 | 1:20.486 81 | |
| 11 | 36 | Alex Caffi Dallara-Ford Cosworth | 1:20.781 0 | 1:23.847 32 | 1:20.781 32 | |
| 12 | 27 | Michele Alboreto Ferrari | 1:20.844 0 | No Time 0 | 1:20.844 0 | |
| 13 | 2 | Satoru Nakajima Lotus-Honda | 1:20.852 0 | 1:23.500 45 | 1:20.852 45 | |
| 14 | 23 | Pierluigi Martini Minardi-Ford Cosworth | 1:21.133 0 | 1:22.888 80 | 1:21.133 80 | |
| 15 | 22 | Andrea de Cesaris Rial-Ford Cosworth | 1:21.164 0 | 1:21.677 77 | 1:21.164 77 | |
| 16 | 14 | Philippe Streiff AGS-Ford Cosworth | 1:21.262 0 | 1:22.288 73 | 1:21.262 73 | |
| 17 | 3 | Jonathan Palmer Tyrrell-Ford Cosworth | 1:21.307 0 | 1:24.726 16 | 1:21.307 16 | |
| 18 | 18 | Eddie Cheever Arrows-Megatron | 1:21.393 0 | 1:23.529 51 | 1:21.393 51 | |
| 19 | 15 | Mauricio Gugelmin March-Judd | 1:21.554 0 | 1:23.727 46 | 1:21.554 46 | |
| 20 | 33 | Stefano Modena Eurobrun-Ford Cosworth | 1:21.856 0 | 1:22.935 63 | 1:21.856 63 | |
| 21 | 24 | Luis Perez-Sala Minardi-Ford Cosworth | 1:21.893 0 | 1:23.195 41 | 1:21.893 41 | |
| 22 | 26 | Stefan Johansson Ligier-Judd | 1:21.988 0 | 1:22.433 76 | 1:21.988 76 | |
| 23 | 25 | René Arnoux Ligier-Judd | 1:22.028 0 | 1:25.095 24 | 1:22.028 24 | |
| 24 | 30 | Philippe Alliot Lola-Ford Cosworth | 1:22.211 0 | 1:22.506 75 | 1:22.211 75 | |
| 25 | 32 | Oscar Larrauri Eurobrun-Ford Cosworth | 1:22.213 0 | 1:24.777 12 | 1:22.213 12 | |
| 26 | 9 | Piercarlo Ghinzani Zakspeed | 1:22.348 0 | 1:26.100 69 | 1:22.348 69 | |
| 27 | 31 | Gabriele Tarquini Coloni-Ford Cosworth | 1:22.393 0 | 1:22.393 0 | ||
| 28 | 4 | Julian Bailey Tyrrell-Ford Cosworth | 1:22.529 0 | 1:22.529 0 | ||
| 29 | 29 | Pierre-Henri Raphanel Lola-Ford Cosworth | 1:22.733 0 | 1:22.733 0 | ||
| 30 | 10 | Bernd Schneider Zakspeed | 1:23.025 0 | 1:23.025 0 | ||
| 31 | 21 | Nicola Larini Osella | 1:28.440 0 | 1:28.440 0 |