The compact SUV, which will make its inaugural appearance at this year's Melbourne International Motor Show, will start from as little as $59,900 for both the 2.0 TDI (diesel) and 2.0 TFSI (petrol) Quattro models.
Q5 is expected to go on sale early in the second quarter of 2009 and will feature four models in all.
In addition to the 2.0 TDI and 2.0 TFSI models mentioned, a V6 3.2 Quattro edition will follow at just $69,900 with the top-of-the-range 3.0 TDI retailing at $71,900.
Audi's managing director, Joerg Hofmann, says the Q5 will be a welcome addition to the range in Australia.
"The Q5 is priced very competitively, and it is an extremely attractive package. Both diesel engines and both petrol engines combine strong performance with good fuel economy – a hallmark of our brand. It also looks good and offers typically top quality fit, finish and safety equipment," Mr Hofmann said. "The Q5 will undoubtedly give the Audi range a strong boost in 2009 – in image and also in sales. Our network is extremely positive about this addition to our range."
Perhaps best of all, the Q5 2.0TDI Quattro escapes Luxury Car Tax thanks to its ultra low fuel consumption figure of just 7.0-litres per 100km.
All Audi Q5 models are equipped with a seven-speed S-tronic gearbox, permanent all wheel drive and the largest load-carrying capacity in its class (at 540 litres).