Of the five million sales, Toyota tells us that the most popular model has been the Corolla, with 1.1 million units sold. The Camry and Land Cruiser are neck and neck for second place with about 740,000 sales apiece, while the HiLux pickup has tallied 650,000 takers. Hit the jump to read over Toyota's press release.
The milestone was achieved during the past month - although it is impossible to determine the exact date, the specific vehicle or the customer.
Company records show Toyota has sold 2.9 million passenger cars and 2.1 million commercial vehicles.
With a modest beginning of just 1,275 cars in the first year, Toyota's local sales have averaged 100,000 a year.
In each of the past six years, Toyota has sold more than 200,000 vehicles in Australia. It remains the only company to have reached that number in a year.
Sales in a single year cracked the 100,000 mark for the first time in 1983 - the year Australia won the America's Cup and Bob Hawke was first elected Prime Minister.
That was the year after Toyota achieved total cumulative sales of one million vehicles - a feat that took more than 20 years.
During that period, Toyota firmly established its reputation for quality, durability and reliability.
Toyota also gained a customer-focused reputation by establishing dealers and service centres throughout the country, including in regional areas.
While the first one million sales took more than 20 years, it was just nine years for the second million, eight for the third million, under six years for the fourth million and less than five years for the most recent six-figure result.
The most popular Toyota over the past 47 years has been Corolla with 1.1 million sales, representing more than one in five Toyotas sold here.
Australia was the first export market for Corolla and also the first country outside Japan to build the car, although this is the subject of a friendly argument with Toyota Motor Sales in the United States.
Camry is the next most-popular Toyota with more than 740,000 domestic deliveries.
An even greater number have been exported to more than 20 destinations.
The LandCruiser nameplate totals almost 740,000 local sales, with LandCruiser Prado accounting for more than 155,000 of these.
HiLux is next with 650,000 sales - split almost 50/50 between 4x2 models which first arrived in 1971 and 4x4 versions which have been sold here since 1980. It was Australia's best-selling vehicle for two months of last year.
Toyota Australia's senior executive director sales and marketing David Buttner said milestones were created by customers.
"Our view in Australia has always been that, if we take care of the customers and provide quality vehicles, the sales milestones will take care of themselves," Mr Buttner said.
"The true significance of five million sales is that such a large number of Australian families, individuals, businesses, organisations and governments have put their faith in Toyota, our vehicles and our dealer network.
"We thank them for their loyalty and we can assure every Toyota customer and prospect that we are constantly striving to improve every aspect of our operations," Mr Buttner said.