| Year: | 1932 |
| Coach: | Charlie Lynch |
| League Rank: | 1st (out of 8) |
| Playoff Result: | Premiers |
| League Wins: | 13 |
| League Draws: | 0 |
| League Losses: | 1 |
| Points For: | 292 |
| Points Against: | 130 |
| League: | NSWRFL |
| Captain: | George Treweek |
| Stadium: | Sydney Sports Ground |
| Top Tries: | Benjamin Wearing (11) |
| Top Goals: | Benjamin Wearing (32) |
| Top Points: | Benjamin Wearing (97) |
| Next Season: | 1933 |
| Prev Season: | 1931 |
The 1932 South Sydney Rabbitohs season was the 25th in the club's history. The club competed in the New South Wales Rugby Football League Premiership (NSWRFL), finishing the season as premiers and minor premiers. Initially, South Sydney lost the final to Western Suburbs, however rules at the time allowed the minor premiers the right of rematch. Souths defeated Wests, and thus were the season's premiers. Following Round 1's loss to Wests, South Sydney would win the rest of the next 13 games consecutively.
| Team | Pld | W | D | L | PF | PA | PD | Pts | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | South Sydney | 14 | 13 | 0 | 1 | 292 | 130 | +162 | 26 | |
| 2 | Western Suburbs | 14 | 11 | 0 | 3 | 321 | 156 | +165 | 22 | |
| 3 | Eastern Suburbs | 14 | 9 | 0 | 5 | 253 | 133 | +120 | 18 | |
| 4 | Balmain | 14 | 7 | 1 | 6 | 204 | 227 | -23 | 15 | |
| 5 | Newtown | 14 | 7 | 0 | 7 | 201 | 251 | -50 | 14 | |
| 6 | St. George | 14 | 4 | 1 | 9 | 140 | 203 | -63 | 9 | |
| 7 | Sydney University | 14 | 2 | 0 | 12 | 134 | 275 | -141 | 4 | |
| 8 | North Sydney | 14 | 2 | 0 | 12 | 147 | 317 | -170 | 4 |
| Round | Opponent | Result | Score | Date | Venue | Crowd | Ref | |
|---|---|---|---|---|---|---|---|---|
| 1 | Western Suburbs | Loss | 12 – 13 | Saturday 16 April | Sports Ground | 15,600 | [1] | |
| 2 | Newtown | Win | 19 – 14 | Saturday 23 April | Pratten Park | [2] | ||
| 3 | Balmain | Win | 26 – 12 | Monday 25 April | Birchgrove Park | 4,000 | [3] | |
| 4 | North Sydney | Win | 32 – 7 | Saturday 21 May | North Sydney Oval | 5,000 | [4] | |
| 5 | Sydney University | Win | 16 – 14 | Saturday 11 June | Earl Park, Arncliffe | 2,000 | [5] | |
| 6 | Eastern Suburbs | Win | 15 – 5 | Saturday 18 June | Sports Ground | 13,000 | [6] | |
| 7 | St. George | Win | 22 – 5 | Saturday 25 June | Earl Park, Arncliffe | 4,000 | [7] | |
| 8 | Western Suburbs | Win | 12 – 8 | Saturday 2 July | Sports Ground | 14,300 | [8] | |
| 9 | Newtown | Win | 21 – 17 | Saturday 23 July | Sports Ground | 5,000 | [9] | |
| 10 | Balmain | Win | 17 – 4 | Saturday 30 July | Sports Ground | [10] | ||
| 11 | North Sydney | Win | 40 – 14 | Saturday 6 August | Earl Park, Arncliffe | [11] | ||
| 12 | Sydney University | Win | 23 – 13 | Saturday 13 August | Marrickville Oval | 2,000 | [12] | |
| 13 | Eastern Suburbs | Win | 14 – 2 | Saturday 20 August | Sports Ground | 15,175 | [13] | |
| 14 | St. George | Win | 23 – 2 | Saturday 27 August | Earl Park, Arncliffe | [14] |
Although losing the final to Western Suburbs, the rules allowed the minor premiers a right to rematch in the event the minor premiers lose the final. At the time, the term "Grand Final" only referred to the match played if the minor premiers were beaten.[15]
A grand final was scheduled on the September 24 and was the first since 1911 when Glebe was upset in both the final and grand final by Eastern Suburbs 23-10 and 11-8 respectively. South Sydney were upset in the final 8-23, but won the grand final 19–12, holding onto a 9–2 lead at half time.