Parkes from Newcastle, returns to the Dutch Ten Kate team after eight years. He last raced for them in 2004 where the talented rider finished 2nd in the world supersport championship.
On aggregate over four sessions on Monday and Tuesday , Parkes was able to finish ahead of the Kawasakis of Kenan Sofuoglu (Deltafin Lorenzini) and Fabien Foret (Intermoto Step) with his 1minute 34.585 second mark being set in today's final session.
Britain's Sam Lowes (Bogdanka PTR Honda) also put in a good overall run, after going quickest in the morning session.
The final session saw the red flags come out for Russian rider Vladimir Leonov who suffered a few cuts and bruises to his right elbow and left ankle in a crash but the Yakhnich Motorsport Yamaha man will make the race on Sunday.
The championship warm-up threw up a number of surprises. The first was 23-year-old Frenchman Jules Cluzel (PTR Honda), who has moved over from the mid-class GP category this year, and who was fifth quickest. The second was Vittorio Iannuzzo, back up amongst the front-runners once again with sixth quickest time on a three-cylinder Power Team by Suriano Triumph.
Australia's other entrant in world supersport, Eltham's Jed Metcher, was 18th fastest on the new Team RivaMoto Yamaha, with a time of 1m36.798s around the 4.445 km Phillip Island circuit.
The riders now have a two day break before the opening round of the world supersport championship kicks off on Friday at the circuit with practice and first qualifying. Final qualifying is determined on Saturday, prior to Sunday's 21 lap race.
1 Parkes B. (AUS) Honda CBR600RR 1'34.585
2 Sofuoglu K. (TUR) Kawasaki ZX-6R 1'34.604
3 Foret F. (FRA) Kawasaki ZX-6R 1'34.866
4 Lowes S. (GBR) Honda CBR600RR 1'34.957
5 Cluzel J. (FRA) Honda CBR600RR 1'35.131
6 Iannuzzo V. (ITA) Triumph Daytona 675 1'35.362
7 Morais S. (RSA) Kawasaki ZX-6R 1'35.701
8 Quarmby R. (RSA) Honda CBR600RR 1'35.824
9 Nemeth B. (HUN) Honda CBR600RR 1'35.873
10 Szkopek P. (POL) Honda CBR600RR 1'36.009
11 Baldolini A. (ITA) Triumph Daytona 675 1'36.085
12 Scholtz M. (RSA) Honda CBR600RR 1'36.217
13 Leonov V. (RUS) Yamaha YZF R6 1'36.256
14 Toth I. (HUN) Honda CBR600RR 1'36.410
15 Pesek L. (CZE) Honda CBR600RR 1'36.439
16 Roccoli M. (ITA) Yamaha YZF R6 1'36.513
17 Tamburini R. (ITA) Honda CBR600RR 1'36.559
18 Metcher J. (AUS) Yamaha YZF R6 1'36.798
19 Jezek O. (CZE) Honda CBR600RR 1'36.832
20 Day J. (USA) Kawasaki ZX-6R 1'36.985
21 Jessopp M. (GBR) Honda CBR600RR 1'37.140
22 Marconi L. (ITA) Yamaha YZF R6 1'37.146
23 Lanusse R. (FRA) Kawasaki ZX-6R 1'37.679
24 Menghi F. (ITA) Yamaha YZF R6 1'37.703
25 Lombardi D. (ITA) Yamaha YZF R6 1'38.057
26 Antonelli A. (ITA) Honda CBR600RR 1'39.507
27 Caiani T. (SUI) Honda CBR600RR 1'39.856
28 Polzer Y. (AUT) Yamaha YZF R6 1'39.938
Supersport records at Phillip Island
Fastest Lap: Fabien Foret (Honda) 1'34.941 (168.485 km/h) - 2011
Best Lap: Joan Lascorz (Kawasaki) 1'33.847 (170.512 km/h) - 2010