The action movie, starring Vin Diesel and Dwayne Johnson, pulls in $7.4 million to take the number one spot ahead of Marvel's newest superhero blockbuster Thor.
Starring former Home and Away actor Chris Hemsworth, Thor earns a respectable $5.3 million, opening a day later than the latest Fast picture.
Last week's chart topper Rio falls to three, while Russell Brand's Hop and his Arthur remake round out the top five.
Elsewhere, Paul and Scream 4 are the biggest fallers as they slip four spots apiece to numbers six and nine respectively.
The box office top ten in full (figures in Australian dollars):
1. (-) Fast & Furious 5 - $7,439,898
2. (-) Thor - $5,355,693
3. (1) Rio - $1,881,547
4. (3) Hop - $1,681,542
5. (-) Arthur - $1,360,934
6. (2) Paul - $1,042,909
7. (5) Diary of a Wimpy Kid: Roderick Rules - $785,650
8. (4) Scream 4 - $597,362
9. (6) Just Go With It - $375,971
10. (9) The Lincoln Lawyer - $297,656
Watch an exclusive Fast & Furious 5 video below:
