0 ▁V 8 ' s , ▁though ▁they ▁had ▁around ▁ ▁less ▁than ▁the ▁V 8 ' s ▁which ▁saw ▁the ▁Australian ▁cars ▁have ▁much ▁less ▁top ▁speed . ▁ ▁From ▁its ▁in ception ▁in ▁ 1 9 8 9 ▁until ▁ 2 0 0 4 ▁the ▁formula ▁was ▁used ▁to ▁determine ▁the ▁winner ▁of ▁the ▁Australian ▁D ri vers ' ▁Championship ▁for ▁the ▁CA MS ▁Gold ▁Star , ▁replacing ▁Formula ▁ 2 ▁which ▁had ▁been ▁the ▁Gold ▁Star ▁category ▁in ▁ 1 9 8 7 ▁and ▁ 1 9 8 8 . ▁From ▁ 2 0 0 5 ▁this ▁title ▁was ▁moved ▁to ▁the ▁Australian ▁Formula ▁ 3 ▁Championship . ▁ ▁The ▁first ▁ever ▁Formula ▁Hold en ▁race ▁was ▁held ▁at ▁the ▁Mall ala ▁Motor ▁Sport ▁Park ▁in ▁South ▁Australia . ▁Mark ▁Mc L augh lin ▁driving ▁an ▁El fin ▁FA 8 9 1 , ▁designed ▁and ▁built ▁at ▁the ▁El fin ▁factory ▁in ▁nearby ▁Ad ela ide , ▁won ▁the ▁opening ▁race ▁from ▁former ▁dual ▁Australian ▁Formula ▁ 2 ▁champion ▁Peter ▁Glo ver ▁in ▁an ▁Australian ▁designed ▁C heet ah ▁M k . 9 ▁with ▁television ▁comment ator ▁turned ▁race ▁driver ▁Neil ▁C rom pton ▁third ▁in ▁his ▁R alt ▁R T 2 1 . ▁During ▁the ▁race , ▁television ▁broad c aster ▁Channel ▁ 7 ▁claimed ▁that ▁a ▁Formula ▁Hold en ▁engine ▁would ▁cost ▁approximately ▁A $ 9 , 7 0 0 .. ▁ ▁From ▁ 1 9 9 1 ▁to ▁ 1 9 9 5 ▁the ▁category ▁was ▁officially