I just had a quick look and found this site:
http://fastestlaps.com/tracks/phillip-island
There are some very nice cars driven by professional racing drivers doing 1:55ish laps.
You need to keep in mind we aren't professionals and we're driving our own road cars with traffic on the track.
If you look at this site, it suggests that low 2 minute times from a non-professional driver are actually very competitive.
I bet if I handed my keys to Warren Luff he'd get a much better time after driving 1000s of laps.