Cowes is the main town on the island, and in addition there are other smaller towns such as Rhyll, Cape Woolamai, Ventnor (closest town to the Penguin Parade) and Newhaven. The principal source of income is tourism, and there are many cafes, restaurants etc. to cater to the appetites of the tourists.The island is steeped in motorsport history. Australia's first ever international Grand Prix was held in 1924 on the original circuit comprising the still existing roads on Phillip Island. The annual Australian Grand Prix
http://www.phillipislandgrandprix.com/, an official round of the World MotoGP plus a round of the World Superbike (WBSK) is currently held at the 1950s purpose built Motor Racing Circuit
http://www.phillipislandcircuit.com.au/, and draws a massive contingent of motor sport fans (colloqially known as "petrolheads") every year. http://wikitravel.org/en/Phillip Island