| Type: | CUST |
| Description: | Race 7 of 8 in 1972 Tasman Series |
| Grand Prix: | Australian |
| Country: | Australia |
| Official Name: | XXXVII Australian Grand Prix |
| Location: | Sandown Raceway, Melbourne, Victoria |
| Date: | 20 February |
| Year: | 1972 |
| Course: | Permanent racing facility |
| Course Mi: | 1.92 |
| Course Km: | 3.1 |
| Distance Laps: | 52 |
| Distance Mi: | 99.84 |
| Distance Km: | 161.2 |
| Weather: | Sunny |
| Pole Driver: | Frank Matich |
| Pole Country: | AUS |
| Pole Team: | Matich-Repco Holden |
| Pole Time: | 1'01.3 |
| Fast Driver: | Graham McRae |
| Fast Team: | Leda-Chevrolet |
| Fast Time: | 1'02.4 |
| Fast Country: | NZL |
| First Driver: | Graham McRae |
| First Country: | NZL |
| First Team: | Leda-Chevrolet |
| Second Driver: | Frank Gardner |
| Second Country: | AUS |
| Second Team: | Lola-Chevrolet |
| Third Driver: | David Hobbs |
| Third Country: | GBR |
| Third Team: | McLaren-Chevrolet |
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. It was held at Sandown International Raceway, Victoria, Australia on 20 February 1972.
The race was the thirty seventh Australian Grand Prix and it was held only 3 months after the 1971 race. It was also round seven of the 1972 Tasman Series. The race had 19 starters.
Defending winner Frank Matich started the race from pole position 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 points lead in the 1972 Tasman Series with one round remaining.
| Pos | No [3] | Driver | Car | Entrant | Qual | Gap | |
|---|---|---|---|---|---|---|---|
| 1 | 3 |  Frank Matich | Matich A50 / Repco Holden 5.0L V8 | Frank Matich Pty. Ltd. | 1:01.3 | — | |
| 2 | 22 |  Graham McRae | Leda GM1 / Chevrolet 5.0L V8 | Grid International (N.Z.) Ltd. | 1:01.8 | +0.5 | |
| 3 | 1 | Frank Gardner | Lola T300 / Chevrolet 5.0L V8 | Lola Cars Ltd. | 1:01.8 | +0.5 | |
| 4 | 10 |  David Hobbs | McLaren M22 / Chevrolet 5.0L V8 | Hobbs Racing London | 1:02.3 | +1.0 | |
| 5 | 4 | Bob Muir | Lola T300 / Chevrolet 5.0L V8 | Robert Muir Motors P/L | 1:02.7 | +1.4 | |
| 6 | 9 | John McCormack | Elfin MR5 / Repco Holden 5.0L V8 | 1:02.8 | +1.5 | ||
| 7 | 2 | Mike Hailwood | Surtees TS8A / Chevrolet 5.0L V8 | Team Surtees | 1:03.0 | +1.7 | |
| 8 | 34 |  Teddy Pilette | McLaren M10B / Chevrolet 5.0L V8 | Racing Team V.D.S. | 1:03.2 | +1.9 | |
| 9 | 5 | Kevin Bartlett | McLaren M10B / Chevrolet 5.0L V8 | Kevin Bartlett Shell Racing | 1:03.5 | +2.2 | |
| 10 | 12 | Warwick Brown | McLaren M10B / Chevrolet 5.0L V8 | Pat Burke Racing | 1:03.9 | +2.6 | |
| 11 | 6 | Max Stewart | Elfin MR5 / Repco Holden 5.0L V8 | Max Stewart Motors - Seiko Service Centre | 1:04.4 | +3.1 | |
| 12 | 76 | John Harvey | Brabham BT36 / Waggott 2.0L I4 | Bob Jane Racing | 1:05.2 | +3.9 | |
| 13 | 8 | Garrie Cooper | Elfin MR5 / Repco Holden 5.0L V8 | Team Elfin | 1:05.3 | +4.0 | |
| 14 | 50 | Frank Radisich | McLaren M10B / Repco Holden 5.0L V8 | Henderson Central Motors | 1:06.5 | +5.2 | |
| 15 | 30 |  Dave McConnell | GRD 272 / Hart 2.0L I4 | D.W.M. Racing Ltd. | 1:07.1 | +5.8 | |
| 16 | 11 | Colin Hyams | Lola T192 / Chevrolet 5.0L V8 | Colin Hyams | 1:08.2 | +6.9 | |
| 17 | 17 | Gary Campbell | Elfin 600B / Waggott 2.0L I4 | Provincial Motors P/L | 1:08.3 | +7.0 | |
| 18 | 60 | Robbie Francevic | McLaren M10A / Chevrolet 5.0L V8 | Wright Machinery Ltd. | 1:10.2 | +8.9 | |
| 19 | 15 | Tony Stewart | Mildren (Rennmax) / Waggott 1.9L I4 | Max Stewart Motors - Seiko Service Centre | 1:11.5 | +10.2 |
| Pos | No. | Driver | Car | Entrant | Laps | Time |
|---|---|---|---|---|---|---|
| 1 | 22 | Graham McRae | Leda GM1 / Chevrolet 5.0L V8 | Grid International (N.Z.) Ltd. | 52 | 54m 59.4s |
| 2 | 1 | Frank Gardner | Lola T300 / Chevrolet 5.0L V8 | Lola Cars Ltd. | 52 | 55m 02.1s |
| 3 | 10 | David Hobbs | McLaren M18/M22 / Chevrolet 5.0L V8 | Hobbs Racing London | 52 | 55m 11.8s |
| 4 | 2 | Mike Hailwood | Surtees TS8A / Chevrolet 5.0L V8 | Team Surtees | 51 | |
| 5 | 12 | Warwick Brown | McLaren M10B / Chevrolet 5.0L V8 | Pat Burke Racing | 50 | |
| 6 | 34 | Teddy Pilette | McLaren M10B / Chevrolet 5.0L V8 | Racing Team V.D.S. | 50 | |
| 7 | 76 | John Harvey | Brabham BT36 / Waggott 2.0L 4cyl | Bob Jane Racing | 50 | |
| 8 | 60 | Robbie Francevic | McLaren M10A / Chevrolet 5.0L V8 | Wright Machinery Ltd. | 49 | |
| 9 | 8 | Garrie Cooper | Elfin MR5 / Repco Holden 5.0L V8 | Team Elfin | 49 | |
| 10 | 30 | Dave McConnell | GRD 272 / Hart 2.0L 4cyl | D.W.M. Racing Ltd. | 49 | |
| 11 | 17 | Gary Campbell | Elfin 600B / Waggott 2.0L 4cyl | Provincial Motors P/L | 47 | |
| 12 | 15 | Tony Stewart | Mildren (Rennmax) / Waggott 1.9L 4cyl | Max Stewart Motors - Seiko Service Centre | 44 | |
| 13 | 50 | Frank Radisich | McLaren M10B / Repco Holden 5.0L V8 | Henderson Central Motors | 26 | |
| Ret | 11 | Colin Hyams | Lola T192 / Chevrolet 5.0L V8 | Colin Hyams | 30 | |
| Ret | 4 | Bob Muir | Lola T300 / Chevrolet 5.0L V8 | Robert Muir Motors P/L | 19 | engine |
| Ret | 6 | Max Stewart | Elfin MR5 / Repco Holden 5.0L V8 | Max Stewart Motors - Seiko Service Centre | 16 | engine |
| Ret | 5 | Kevin Bartlett | McLaren M10B / Chevrolet 5.0L V8 | Kevin Bartlett Shell Racing | 6 | transmission |
| Ret | 3 | Frank Matich | Matich A50 / Repco Holden 5.0L V8 | Frank Matich Pty. Ltd. | 5 | scavenge pump |
| Ret | 9 | John McCormack | Elfin MR5 / Repco Holden 5.0L V8 | 4 | gearbox | |