The original Australian Formula Three was introduced by the Confederation of Australian Motor Sport in 1964 as a cost-effective entry-level category positioned below the Australian National Formula, the Australian 1½ Litre Formula, and Australian Formula Two. The category was aligned to contemporary FIA Formula 3 regulations, with cars restricted to production-based engines of up to 1000 cc. Overhead camshaft engines were prohibited, effectively limiting powerplants to pushrod designs. Chassis were typically spaceframe constructions — locally built or adapted from European Formula 3 designs — and relied heavily on production-derived suspension, braking, and transmission components.
The category was never awarded national championship status and was instead contested through state championships and inter-state series such as the Stillwell Series.
For 1969, CAMS amended the regulations to raise the engine limit to 1100 cc and lift the ban on overhead camshaft engines. This broadened the field of eligible powerplants and began a gradual performance increase. By this stage, Australian Formula Three cars were approaching the lap times of earlier Formula Two machinery, particularly on tighter circuits.
From 1972, the capacity limit was further raised to 1300 cc. Carburetion remained mandatory and engines were required to stay production-based with pushrod or single overhead camshaft valve actuation. By the mid-1970s the Toyota Corolla engine had become the dominant choice, producing approximately 135 bhp at 8,000 rpm. With minimum weights around 350 kg, the fastest Formula Three cars were capable of times competitive with slower Formula Two machines.
Despite lacking national championship status, the category attracted healthy participation across Victoria, New South Wales, and South Australia. The mid-1970s were dominated by Brian Sampson and Brian Shead, whose Cheetah chassis became the most widely used and successful Formula Three car in Australia. Other prominent competitors in 1976 and 1977 included Gary Scott, Peter Macrow, and Terry Finnigan, all in Cheetahs.
By the mid-1970s Australian Formula Two had declined sharply, leaving no national Formula Two series by 1977. CAMS elected to discontinue Australian Formula Three at the end of that season as part of a broader rationalisation of formula categories. For 1978, Australian Formula Two regulations were substantially revised to incorporate many characteristics of the former Formula Three class — production-based engines of up to 1600 cc, carburetion, and restrictions on valve actuation — effectively merging the two categories and absorbing the Formula Three field.
Modern Formula Three racing returned to Australia in 1999, when 2-litre F3 cars began competing alongside 1600 cc Australian Formula Two machinery in the Australian Formula 2 National Series. CAMS introduced FIA-specification Formula 3 regulations for Australia in 2000, giving F3 competitors their own dedicated national series. National championship status was granted in 2001, and the series officially became the Australian Formula 3 Championship that year.
By the 2005 season, CAMS had elevated Australian Formula 3 to the country's premier open-wheel class, displacing Formula 4000. As a result, the winner of the Australian Formula 3 Championship also received the Australian Drivers' Championship title and the associated CAMS Gold Star from 2005 through 2014.
In 2015, CAMS stripped the Gold Star from the series, citing low grid numbers. The loss of national championship status prompted a rename from 2016: the series became the Australian Formula 3 Premier Series, managed by Formula 3 Management Pty Ltd. It returned to national championship status from 2019 after aligning with the Australian Motor Racing Series. The series was subsequently renamed the Australian Formula Open Championship to align with the international Euroformula Open Championship, which accommodates Formula 3 cars and related classes under flexible technical regulations.
The modern era has seen competition from Dallara, Mygale, and Reynard chassis. Historically, the first era featured locally built machinery from constructors including Aztec, Birrana, Elfin, Cheetah, and Alpha Sports Productions.
Together, the two eras of Australian Formula Three represent more than five decades of open-wheel development in the country. The original series established grassroots single-seater competition at the state level during a formative period in Australian club racing, while the modern championship has served as a development platform within the national motorsport structure, including a decade during which its champion held the title of Australian Drivers' Champion.
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