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Motorcycling Australia said Queensland rider Oscar McIntyre, 17, died in the opening round of the 2012 Superstock 600cc Championship race about 2pm.
"Oscar was involved in a crash with two other riders, Luke Burgess and Michael Lockhart, between turns two and three on the second lap of the 12-lap race," spokeswoman Ingrid Roepers said.
"McIntyre was immediately tended to by medical personnel after the incident, but his injuries proved to be fatal."
Burgess has been released from the circuit's medical centre, while Lockhart remains under observation with non-life-threatening injuries.
The final qualifying round for the 22-lap World Superbikes race was cancelled.
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