After debuting at Bathurst in 1969 with a fourth place that so easily could have been a win, Allan Moffat was the raging hot favourite when the best touring car drivers and teams in Australia RE-convened 12 months later for the 1970 Hardie-Ferodo 500 at Mount Panorama. The lead driver of a three-car Ford Motor Company squad under the direction of American Al Turner, Moffat had swept all before him by winning the Sandown 250 in Melbourne. For the Bathurst classic he was behind the wheel of the #64E XW GHTO Falcon, with Bruce McPhee driving #63E solo and Barry Seton and Fred Gibson teamed up in the #62E car.
Not Surprisingly, Moffat took pole position in a time of 2m49.3s, seven-tenths faster than McPhee and miles in front of Holden's new Challenger, the six-cylinder XU-1 Torana. He lead team-mates Seton and McPhee after 3- minutes of racing, but Seton would soon retire with blown rear axle oil seals; certainly something worth noting for the remaining works Falcons. By lap 70 Moffat held the lead from McPhee, Tony Roberts' GHTO and the similar car of John Goss, but all was not well with the leader.
Moffat's car had been blowing a considerable amount of smoke and Ford's spearhead was taking things as easily as possible, safe in the knowledge he had a handy lead and would not fall victim to an attack from behind given it was a friendly fire. McPhee closed the margin down from 36seconds to nine seconds at one stage, however played the team game and obeyed all orders not to attack Moffat. He backed the pace off and finished 39 seconds behind Moffat to help Ford take a 1-2 finish in Australia's favourite race.