Although Lewis Hamilton admits the Ferraris look strong, the McLaren driver is nonetheless confident of his chances in Australia after finish P1 in Friday's practice.
Hamilton was the man to beat in Practice Two as he posted an impressive 1:26.559 to beat Mark Webber by 0.912s.
However, the McLaren's time wasn't the quickest of the day as Raikkonen had managed a 1:26.461 during the morning session.
"There was some good progress with the car, and we made the best use of the ever improving track conditions," said Hamilton.
"Our main opposition looks strong, but it's still too early to tell exactly where we are in comparison.
"All in all a good start to the Australian Grand Prix and the season."
It was also a good start for Hamilton's new McLaren team-mate, Heikki Kovalainen, who finished Practice Two with the fourth best time, just over a second off Hamilton's pace.
"It was a bit hotter than expected but that is just good practice for Malaysia," said the Finn.
"The wind was also something we had to take into consideration, but we made some good progress with the car.
"There was some graining of the tyres due to the dirty track conditions, but things improved as the circuit got more grip."
