The 1998 FAI 1000 Classic was the second running of the Australia 1000 race, first held after the organisational split over the Bathurst 1000 the previous year. It was the 41st race that traces its lineage back to the 1960 Armstrong 500 held at Phillip Island. 1998 was the 36th year in which a touring car endurance race had been held at the Mount Panorama Circuit.
The event, which was contested by V8 Supercars, was held on 15 November 1998 at the Mount Panorama Circuit just outside Bathurst.
The event's naming rights sponsor was FAI Insurance.
<small>* Mark Skaife became the first driver to lap a touring car around the 6.213 km (3.861 mi) Mount Panorama Circuit in under 2 minutes and 10 seconds. Skaife qualified his Holden Racing Team VT Commodore in 2:09.8945. His time was 2.93 seconds faster than his own time set in the twin-turbo, 4WD Nissan Skyline R32 GT-R in 1991, the fastest Group A time on The Mountain, and 3.96 seconds faster than George Fury's, Group C time in 1984 in a Nissan Bluebird Turbo on the old 6.172 km (3.835 mi) (pre-Caltex Chase) circuit.<br>* Greg Murphy did not take part in the Top 10 shootout after badly damaging his car in a crash during Friday practice.</small>
Network 10 broadcast the race for the second consecutive year, dating back to the 1997 5.0L race. Barry Sheene provided commentary in the booth for the first part of the race before moving to pit-lane for the remainder. Greg Rust was involved in the Bathurst broadcast for the first time.