Former world champion Jorge Lorenzo hailed Sunday’s epic Australian MotoGP race at Phillip Island as one of the best premier class races of the past decade, despite the fact that he was beaten into second place at this 16th round of 18 by fellow Spaniard Marc Marquez.

Lorenzo (Yamaha), Marquez (Honda), Italy’s Andrea Iannone (Ducati) and championship leader Valentino Rossi, also of Italy and also on Yamaha, gave their all in a mesmerising four-way battle at Phillip Island that will live long in the memory, with runner-up Lorenzo revealing the final laps rekindled memories of the ‘old times’ when he competed in the 125cc class.

The main outcome of the race was that Rossi saw seven points shaved off his championship lead by Lorenzo and the title will certainly go down to the wire with just two GPs remaining.

“For me, it was one of the hardest races in my life, especially at the beginning because Andrea always passed me on the straight; I was trying everything I have in the last sector to get a little advantage but always he passed me,” Lorenzo said.

“I had to be patient and wait for the opportunity that he maybe make some mistake in some corners and also with Marc, on the last laps I gave everything I have and it reminds me a little bit like in old times in 125cc, when it was similar.

“For the people watching, it was the best this year and probably in the last five or 10 years.”

Marquez had earlier watched a thrilling Moto3 race with envy but was soon involved in an equally exhilarating showdown himself and admitted his first victory in the class at Phillip Island – his 50th GP career win – was one of his best.

“For me, when I was looking at the Moto3 race, I say, ‘I want to be there’ because normally in MotoGP this never happens, but this race was one of the best in MotoGP and in my career, especially because it is 27 laps and when I checked again my board said five laps,” said Marquez.

“So the race went quick and that means that I enjoyed a lot.”

Ducati star Iannone, who edged out Rossi to snatch third on the last lap, agreed it was his greatest MotoGP race ever, even if he recalls more intense battles with Marquez in Moto2 in 2011.

“With Marc, I remember a more strong battle especially from 2011, but I think in MotoGP class this is the best,” said the Italian.

Lorenzo, meanwhile, joked that title rival and Yamaha team-mate Rossi ‘deserved his salary’ when asked in the post-race press conference how he felt when he realised that Rossi was running inside the top three at various points throughout the race, responding: “That he is making a good job; he deserves his salary a lot!”

Looking ahead to the final two world championship rounds at Sepang in Malaysia and Valencia in Spain, Lorenzo said it would be ‘very difficult’ to win both remaining races and expects Marquez to have a say in the outcome.

“I think for sure Marc is very strong so it is going to be difficult to win the two races, but I think we are making a good job,” said the 28-year-old, who is 11 points behind Rossi in the standings after Phillip Island.

“On the weekends we have a lot of experience and we are making a very good bike, so we just want to keep like that and try to do the best possible, in the practice and in the race – it’s the only way to have the most options to be champion.”

MotoGP race result:

1. Marc Marquez ESP Repsol Honda Team (RC213V) 40m 33.849s
2. Jorge Lorenzo ESP Movistar Yamaha MotoGP (YZR-M1) 40m 34.098s
3. Andrea Iannone ITA Ducati Team (Desmosedici GP15) 40m 34.779s
4. Valentino Rossi ITA Movistar Yamaha MotoGP (YZR-M1) 40m 34.907s
5. Dani Pedrosa ESP Repsol Honda Team (RC213V) 40m 38.911s
6. Maverick Viñales ESP Team Suzuki Ecstar (GSX-RR)* 40m 40.649s
7. Cal Crutchlow GBR LCR Honda (RC213V) 40m 43.224s
8. Pol Espargaro ESP Monster Yamaha Tech 3 (YZR-M1) 40m 52.250s
9. Aleix Espargaro ESP Team Suzuki Ecstar (GSX-RR) 40m 53.888s
10. Bradley Smith GBR Monster Yamaha Tech 3 (YZR-M1) 40m 54.506s
11. Scott Redding GBR Estrella Galicia 0,0 Marc VDS (RC213V) 40m 55.695s
12. Danilo Petrucci ITA Octo Pramac Racing (Desmosedici GP14.2) 40m 56.689s
13. Andrea Dovizioso ITA Ducati Team (Desmosedici GP15) 41m 3.017s
14. Alvaro Bautista ESP Factory Aprilia Gresini (RS-GP) 41m 11.093s
15. Jack Miller AUS LCR Honda (RC213V-RS)* 41m 14.041s
16. Hector Barbera ESP Avintia Racing (Desmosedici GP14 Open) 41m 22.112s
17. Yonny Hernandez COL Octo Pramac Racing (Desmosedici GP14.2) 41m 22.421s
18. Loris Baz FRA Forward Racing (Forward Yamaha)* 41m 22.526s
19. Eugene Laverty IRL Aspar MotoGP Team (RC213V-RS)* 41m 24.050s
20. Mike Di Meglio FRA Avintia Racing (Desmosedici GP14 Open) 41m 24.111s
21. Stefan Bradl GER Factory Aprilia Gresini (RS-GP) 41m 24.126s
22. Toni Elias SPA Forward Racing (Forward Yamaha) 41m 54.791s
23. Anthony West AUS AB Motoracing (RC213V-RS) 41m 57.303s
Nicky Hayden USA Aspar MotoGP Team (RC213V-RS) DNF
Damian Cudlin AUS E-Motion IodaRacing (ART) DNF

MotoGP World Championship standings after round 16 of 18: