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 |