I got to attend the Bathurst 24 Hour race at the Mount Panorama racing circuit during my stay, which was a great experience. There are lots of vantage points to watch the racing action from, and other activities are available like helicopter rides if you have money to burn! The circuit includes a climb and descent on the hillside, and regular shuttle buses were available to transport spectators from the entrance to the top of the hill for this vantage point of the track. The views of the surrounding countryside are great from here too.
On non-race days, Mount Panorama is a public road that you can drive on - it's great fun doing laps of the circuit! (bear in mind that there's an enforced speed limit and traffic is two way) read more