This was a trophy presented by the owner of the Austral Theatre in Northcote, to the Collingwood player voted by the patrons of the theatre as the best or most consistent during that particular season.

Voting took place every Monday night at the theatre and progressive tallies were released to the press to maintain interest.

There was actually widespread interest in the award, and the winners were noted in the Club's Annual Report each year. Rugged defender Ernie Wilson won the first Austral Cup in 1924 and it ran until 1938 - an unusually long run for a non-club based trophy.

Year Austral Cup winners
1924 Ern Wilson
1925 Syd Coventry
1926 Jack Beveridge
1927 Jiggy Harris
1928 Albert Collier
1929 Gordon Coventry
1930 Harry Rumney
1931 George Clayden
1932 Harry Collier
1933 Frank Kelly
1934 Jack Regan
1935 No award
1936 Fred Froude
1937 Jack Regan
1938 Marcus Boyall