Two races down and already it looks as though Ferrari has a mountain to climb if it wants to seriously challenge Mercedes for the Formula 1 world championship. Mercedes holds a 50-point advantage in the constructors' race, and neither of Ferrari's chargers sits inside the top three in the drivers' standings.
Yes Ferrari could have won against the odds with a better strategy call in Melbourne, but the SF16-H was still fundamentally slower than the W07 throughout the Australian Grand Prix. To win that race on what Sebastian Vettel called one of Ferrari's worst tracks would have been opportunistic, and it was ultimately an opportunity missed, but not merited on pace alone.
Bahrain would be different. A better indicator of where Ferrari stood in reality thanks to the Sakhir circuit being a "more normal" track than Albert Park, according to Kimi Raikkonen.