Renault can outdevelop its Formula 1 rivals

Palmer was left highly encouraged by Renault's return to F1 as a works team in Australia, where he and team-mate Kevin Magnussen finishing just outside the points in 11th and 12th.

With the French manufacturer still getting up to speed after only completing a takeover of Lotus in mid-December, Palmer feels the foundations are in place for a strong season overall.

"I'm massively confident we can improve on such a performance," said Palmer.

"Before the season started we would probably have taken the whole weekend, with both cars reaching Q2 and just outside the points. It's a really good start.

"Considering the takeover was only completed before Christmas, and the money started flowing late, it meant production [of the car] was very, very late.

"But we have upgrades coming all the time, and I think we should be able to outdevelop quite a few of our rivals.

"On race-pace we are even more competitive than in qualifying, so it hopefully shouldn't be too long until we are fighting in the points consistently."

The 2014 GP2 champion was also buoyed by the fact he managed to finish ahead of Magnussen in both qualifying and in the race.

Magnussen's full-season experience with McLaren in 2014 was expected to give him the edge this season over Palmer, but the Briton more than held his own in their first battle together.

"I take a lot of confidence from that," said Palmer.

"He has obviously had success on the track [Melbourne's Albert Park] before and I had never turned a wheel until Saturday really after rubbish weather on Friday.

"It was a very short weekend for me to try and get up to speed, but I felt good.

"The car is nicely balanced at least and is quite confidence inspiring, so I was up to speed quite quickly.

"I thought Kevin and I would be quite close, so to edge him in both was a very good start for me."