The 1972 Australian Grand Prix was a motor race for cars complying with the Tasman Formula, which admitted both Formula 5000 and 2 litre racing cars. The race, which was held at Sandown International Raceway on 20 February 1972, had 19 starters.
It was the thirty seventh Australian Grand Prix and doubled as round seven of the 1972 Tasman Series and was held only 3 months after the 1971 race.
Defending winner Frank Matich started the race on pole in his Repco Holden powered Matich A50 which had won the 1971 race on debut. New Zealand's Graham McRae started alongside Matich on the front row in his Leda GM1-Chevrolet.
Matich led from the start but was out after just 5 laps with a failed scavenge pump. McRae recorded the first of three AGP wins (all won at Sandown) by 3 seconds from the Lola T300-Chevrolet of Frank Gardner who had qualified 3rd. British International driver David Hobbs finished 3rd in his McLaren M18/M22-Chevrolet after starting from 4th on the grid.
McRae's win gave him an unassailable lead in the 1972 Tasman Series points table with one round remaining.