Class A competitors Andrew Goldie and Richard Cowen had an altercation on the run between turns 3 and 4 that led Goldie's car hitting a trackside flag point at speed, before being collected by Cowen.
Both drivers needed to be extracted from their respective wreckages by medical crews before being transported to Princess Alexandra Hospital in Brisbane.
Goldie is understood to have suffered broken ribs and significant bruising.
Cowen, meanwhile, sustained more serious injuries and underwent surgery last night. However he too is now confirmed as being in a stable condition.
"McElrea Racing driver Richard Cowen was involved in an on-track accident during race 2 of the Porsche Michelin Sprint Challenge Australia series at Queensland Raceway on Saturday night," read a statement from Cowen's team.
"Richard was taken by ambulance to the Princess Alexandra Hospital in Brisbane and underwent surgery on arrival.
"He is in a serious, but stable condition.
"The team will provide further updates on Richard’s condition when necessary.
"McElrea Racing and Richard’s family would like to thank the incredible response from the circuit medical team, Motorsport Australia volunteer officials, the Queensland Ambulance Service and Princess Alexandra Hospital staff for their incredible support."
