Austrostipa variabilis is a species of grass in the family Poaceae that grows in southern parts of Australia.

It is most common in the Southwest Botanical Province of Western Australia, but specimens have been recorded east across the nullarbor, and even beyond Adelaide, South Australia.

[1] The type specimen of this species was collected early in the 19th century by James Drummond, from the vicinity of the Swan River.

The species was not described, however, until 1921, when Dorothy Kate Hughes published it as Stipa variabilis.

This was its name until 1996, when the Australian species of Stipa were recognised as meriting their own genus.