The Finn fought back from sixth quickest in Friday's first practice session to edge out Schumacher for the fastest time overall.
Formula One title contender Kimi Raikkonen accused McLaren's Sergio Perez of driving like an idiot after a Monaco Grand Prix collision that almost ended the Finn's 23-race run of scoring finishes.
Title contenders Fernando Alonso and Michael Schumacher were pushed out of the top 10.
Kimi Raikkonen is not assured of racing for Ferrari in Formula One next season, team president Luca di Montezemolo said on Wednesday. Rumours have swirled for months that Raikkonen will be replaced by Renault's Fernando Alonso for next year despite the Finn's contract with Ferrari running until the end of 2010.
The Ferrari driver said he had nothing to lose and everything to gain after winning the Chinese Grand Prix and setting up a three-way showdown for Formula One title.
Kimi Raikkonen won the Belgian Grand Prix for the third time in a row on Sunday, leading a Ferrari one-two.
Kimi Raikkonen carried the form that propelled him to a season-opening victory to Sepang on Friday after the Finn edged a fascinating first day of practice for the Malaysian Grand Prix in his finely balanced Lotus.
The first race of the season in Melbourne saw a surprise winner in Kimi Raikkonen. Fernando Alonso can't be written off. With Raikkonen in a reliable-looking car, he will have to be the relative outsider this season, writes Raja Sen.
The Finn, who led a Ferrari one-two in France last weekend, took the chequered flag 2.4 seconds ahead of McLaren's double world champion Fernando Alonso.
India's Narain Karthikeyan will start 19th on the grid on Sunday's Turkish Grand Prix.
Renault's championship leader Fernando Alonso was pushed off the front row for his home Spanish Grand Prix.
The McLaren driver suggested that whoever he signed for, it would be something of a gamble.
Ferrari's technical director said the Finn is an exceptional driver who doesn't appear to make many errors.
Renault's championship leader Fernando Alonso finished second ahead of Italian Jarno Trulli in a Toyota.
Narain Karthikeyan finished 17th in Saturday's first qualifying for Sunday's Monaco Grand Prix.
The Finn revived Ferrari's spirits with the fastest laps in free practice for Sunday's Bahrain Grand Prix.
The Finn was running third when he was forced out of the Malaysian Grand Prix with transmission failure on lap 40.
Formula One title chaser Kimi Raikkonen says he is happy at Lotus - for now - even as speculation swirls around possible vacancies at the 2007 world champion's previous teams Ferrari and McLaren.
India's Narain Karthikeyan will start 19th on the grid.
The Scot believes his former McLaren team mate Kimi Raikkonen could yet emerge as Formula One champion this season.\n
It was Ferrari's first pole in Monaco since Michael Schumacher in 2000.
Ferrari's world champion Kimi Raikkonen will lead the way when Formula One returns to Barcelona this weekend for the first race of the season in Europe. The Finn is top of the standings after the first three long-haul races, a novel sensation for a driver who won his title by clawing back a 17-point deficit in the last two rounds of 2007.
Lotus driver Kimi Raikkonen tried out his second new Formula One circuit in the space of two weeks on Friday and declared the unfamiliar Indian track is to his liking.
Kimi Raikkonen will not drive for Formula One champions Red Bull next season after talks broke down, his manager said.
Ferrari's Kimi Raikkonen won the Malaysian Formula One Grand Prix on Sunday, with BMW Sauber's Robert Kubica second and McLaren's Heikki Kovalainen third.
Championship leader Kimi Raikkonen gave McLaren their third straight win on Sunday.
If Kimi Raikkonen finishes in the top 10 in Montreal, the Lotus driver will equal Schumacher's record of 24 successive Grands Prix in the points - even if the statistics are deceptive because scoring systems have changed.
Kimi Raikkonen went further, saying he had no intention of leaving McLaren.
The 23-year-old Finn has 48 points compared to the 44 of Ferrari's second-placed Michael Schumacher.
McLaren were back, ending their biggest slump of the last two decades to emerge as winners for the first time since March last year, and so too was real racing.
Narain Karthikeyan finished 17th in the first qualifying round at the San Marino Grand Prix
Ferrari's world champion and Formula One leader Kimi Raikkonen took his first pole position of the season at the Spanish Grand Prix.
Kimi Raikkonen's possible Formula One comeback would liven up the post-race party scene as well as adding a sixth world champion to the starting grid, rivals agree.
Former Ferrari driver and Formula One ace Kimi Raikkonen has blasted the drivers' championship as boring and riddled with politics.
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