Not only will the winner be $250,000 richer, they will also drive away with two brand news cars - an Isuzu D-MAX and an Isuzu MU-Z.
"Navigating a post-COVID world will have its challenges, but our racers are willing and ready to roll on an adventure of a lifetime, no matter what's thrown at them," a press release from 10 read.
"Taking part in heart-stopping and stomach-churning challenges, teams will push themselves out of their comfort zone and do things they never thought they would do, all with their eyes on the huge record-breaking prize."
I'm A Celebrity... Get Me Out Of Here! alum Beau Ryan is back to host season three. He will keep the teams in check, as well as dish out rewards and punishments.
In an exclusive interview with TV WEEK, the star spoke about the new season and teaching his kids, Remi, nine, and Jesse, four, about different parts of the world.
"We live in Cronulla, Sydney and my kids think it's the only place on earth. It's good to show them how differently people live, especially in countries that aren't as fortunate as us," he said.
"The countries we were in this year were great because my kids have never been to any of them. I usually go to the market when we've finished a pitstop, and I'll get something from the local kids to bring home.
"I also get a lot of videos from local kids to send to my kids too."
Last year, it was 'The Cowboys' Brendon Crawley and Jackson Dening who won the race.
After a tough final race to the top of Mount Kosciuszko, the NSW duo were first to cross the finish line and pocketed a whopping $250,000 in cash.
The boys were fan favourites from the get-go.
"We're just here to show Australia that cowboys can do whatever it takes," the pair said in a trailer for the show back in January. But Brendon had just one thing in mind for the prize money.
"If we win the 250,000 the first thing I'd do is get a new set of teeth. Don't be fooled by that one at the front it's a party at the back!"
The Amazing Race Australia premieres Monday August 29 at 7.30pm on Channel 10