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