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. McRae's win gave him an unassailable points lead in the 1972 Tasman Series with one round remaining.