Jack Miller has emulated compatriot Daniel Ricciardo by celebrating with a shoey after securing the first podium finish from a local rider in seven years at the Australian MotoGP on Phillip Island.

Key points: Jack Miller became the first Australian since Casey Stoner in 2012 to claim a podium finish on Phillip Island

Jack Miller became the first Australian since Casey Stoner in 2012 to claim a podium finish on Phillip Island Eight-time world champion Marc Marquez won ahead of Cal Crutchlow and Miller.

Eight-time world champion Marc Marquez won ahead of Cal Crutchlow and Miller. Miller sits in eighth position on the MotoGP standings with two races remaining

Miller celebrated finishing third in style on the podium by drinking champagne from one of his riding shoes, as he became the first Australian to claim a top-three finish since two-time world champion Casey Stoner won on Phillip Island in 2012.

Eight-time world champion Marc Marquez scored a brilliant victory to finish ahead of Cal Crutchlow and Miller.

With rain threatening, Marquez (Honda) overtook leader Maverick Vinales (Yamaha) on the last lap of the 27-lap race, with Vinales crashing out as he desperately tried to retake the lead.

His misfortune allowed Crutchlow (Honda) to finish second, with a jubilant Miller — who started from ninth on his Ducati — claiming his first MotoGP podium in Australia.

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Marquez stretched his lead on top of the MotoGP standings to sit on 375 points with two races remaining on the circuit, while Miller is in eighth position on 141.

The win was Marquez's 11th of the season, his fifth in a row and 55th career victory for Honda in the premier class, surpassing Australian legend Mick Doohan, who finished his career with 54.

It was a bitter pill for Vinales to swallow.

The Spaniard dominated all three practice sessions and stormed to pole position half a second ahead of Fabio Quartararo (Yamaha) in second, with Marquez starting from third.

Marquez stalked race leader Vinales during the last 10 laps after the pair had opened up a sizeable gap on the rest of the field and pounced as they crossed the start-finish line on Gardner Straight.

Miller (43) became the first Australian to finish on the podium at Phillip Island since 2012. ( AAP: Michael Dodge )

Rookie of the year Quartararo was taken out on the first lap in a scary collision with Danilo Petrucci, who flipped over the high side of his factory Ducati as the field went through the Southern Loop.

Italian superstar Valentino Rossi led his 400th race into turn one after a superb start from fourth position, but was unable to sustain that pace, fading to eighth.

Jorge Lorenzo's Honda nightmare continued; the five-time world champion finishing last of the 16 remaining runners.

AAP/ABC