The 38-year-old actor and co-driver Tony Ramunno walked away from the crash during the Targa Tasmania rally Saturday, where they had been in 53rd place in field of 115 cars in the Outright Classic competition.
Initially, Bana hoped that the car, which he has owned since he was 15, could be repaired to continue the final day of racing Sunday. But a closer inspection by his support crew showed that the front right-hand steering and suspension were too badly damaged.
"We had been having a great day until then," Bana said. "But I misjudged a tight left-hander and we went in a little too fast, the car understeered off the road and got onto the gravel and we went into a couple of trees at a fairly low speed."
"The car is a little battered on the driver's side, which is a real shame, as many hours had been spent reshaping its original panels to get it just right," he said. "It's a real shame, but that's motor racing."
Bana has starred in movies such as "Hulk" and "Munich." His most recent film is "Lucky You," with Drew Barrymore and Robert Duvall.