Kookaburra III (KA 15) was the Australian 12 Metre yacht sailed by Iain Murray in the 1987 America's Cup held off of Fremantle, Western Australia.

Murray won the Defender Selection and Kookaburra III represented Australia in the America's Cup, where she lost to American challenger Dennis Conner sailing Stars & Stripes 87.

She was the third of the Kookaburra boats built by the Taskforce 87 syndicate, all of which were designed by Iain Murray and John Swarbrick.

The finals saw Kookaburra III sweep Australia IV five races to nil to win the Defender selection process.

[5] In the America's Cup, defender Kookaburra III lost to American challenger Dennis Conner and Stars & Stripes 87, four races to nil.