Shane Van Gisbergen won the second race of the weekend at Winton Motor Raceway.
Waters took the lead of the race into turn 1 building a 0.6 second lead by the end of the opening lap.
Van Gisbergen sat second leading a train of cars with Mostert third closely following the Red Bull entry through the first stint of the race.
Will Brown was one of the cars to stop early in the race, making his pit stop on lap 6 undercutting many of the cars in the lead pack.
The lead cars began pitting around lap 15 with Mostert making his stop before van Gisbergen came in a lap later, with Waters giving up the race lead to stop the following lap.
As the pit sequence played out Brown sat in fourth having made up ground from seventh where he ran early in the race.
Waters emerged from his pit stop just ahead of van Gisbergen, however, with warmer tyres van Gisbergen was able to get past the Monster Energy car to take the effective lead.
There was a late-race battle for position in the top ten as Holdsworth and Heimgartner attempted to make the most of their fresher tyres, having stopped later in the race.
Mostert, Heimgartner and Brown fought for fifth-seventh on the last lap with Mostert taking fifth, while Brown held off Heimgatner to take sixth despite having much older tyres.
Gary Jacobson struggled with overheating issues throughout the race, making multiple pit stops to try and manage the issue though ultimately the team were unable to make it to the end of the race.
Scott Pye also had issues throughout the race, with a power steering issue forcing the retirement of his car.
By the end of the race van Gisbergen had built a five-second lead over Waters in second, with David Reynolds taking third.
Chris Pither moved up one place to finish 24th.
The final race of the weekend will get underway at 5.35 pm this afternoon.
Main image: Shane van Gisbergen social media