Prima Pramac Racing's Spanish rider Jorge Martin attends a press conference ahead of the Australian MotoGP on Philip Island on October 18, 2024. AFP
The Spanish Pramac star Martin, who is chasing his first world title, went into the race in Japan a fortnight ago with a 21-point cushion over the Italian.
But defending world champion Bagnaia won the sprint and the grand prix on his Ducati to narrow the gap to just 10 points and keep the championship on a knife-edge with four race weekends left.
"It will be a really challenging weekend," said Martin, who came second in the Japan MotoGP after starting from 11th, and finished fourth in the sprint.
"The most important thing for me is to arrive at Valencia (season-ending race) with options.
"There are three races before that... if you make a mistake it will be a disaster. So I am going to try to be focused and be competitive."
Anything can happen at the waterfront Phillip Island circuit, where riders are at the whim of often unpredictable weather on a demanding track.
A new surface this year could further complicate matters, making tyre choice crucial.
Last year the grand prix was held a day early due to forecast gale-force winds with the 13-lap sprint race pushed back to the Sunday.
The sprint was ultimately called off an hour before it was due to start with the track soaked and wind gusts of up to 80 kilometres (50 miles) per hour.
Bleak conditions are again forecast.
"Tomorrow looks like rain, Saturday looks windy and Sunday looks okay, but cold," said Bagnaia, who was pipped on the final lap last year by France's Johann Zarco.
"Like always, Phillip Island is complicated to understand."
Neither Bagnaia nor Martin have won before in Australia.
Costly
The Italian said he was focused on the championship rather than a breakthrough win at this stage of the season.
"We have to be thinking about the championship and try to do the maximum without taking too much risk," he said. "And here at Phillip Island if you take the risk, it can be costly."
While the championship is virtually a two-way battle for the title, Ducati's Enea Bastianini and four-time Phillip Island winner Marc Marquez remain in the hunt.
Bastianini is 69 points adrift, two points clear of Gresini's Marquez, with both riders needing podium finishes to stay in touch this weekend.
"If we do everything right and we are perfect we can stay with the guys at the front," said six-time world champion Marquez.
"But we don't have the capacity to catch them when they get away from us.
"Let's see if we can get back to qualifying well. We haven't done it since Aragon (in September) and when you get out on the front row it changes the whole picture."
The championship moves to Thailand after Australia, then visits Malaysia before the season finale in Valencia.3
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