New Zealand's Graham McRae started alongside Matich on the front row in his Leda GM1-Chevrolet.
Matich led from the start but was out after just 5 laps with a failed scavenge pump.
McRae recorded the first of three AGP wins (all won at Sandown) by 3 seconds from the Lola T300-Chevrolet of Frank Gardner who had qualified 3rd.
British International driver David Hobbs finished 3rd in his McLaren M18/M22-Chevrolet after starting from 4th on the grid.
McRae's win gave him an unassailable points lead in the 1972 Tasman Series with one round remaining.