The race was conducted on 1st June 1923 in Sydney. The race is described in Jack Pritchard's Rowing in Queensland as follows: Queensland led out from Adelaide and Melbourne with Sydney dropping back early. At the half way mark Queensland had a lead of three lengths on Adelaide, with half a length to Melbourne. Queensland won by four lengths to Adelaide, one and one quarter lengths to Melbourne and Sydney well behind.
The races were conducted on 1st June.
Time: 17mins 43 secs
Margins: 4 lengths and 1 1/4 lengths
1st University of Queensland - Bow: Robert Leslie Mills, 2: James Hardie Buzacott, 3: Leonard Colin Fisher, 4: George Woods Harding,
5: James Reginald Ledlingham Cooper, 6: James Wilson Dowrie, 7: James Walker Grice, Str: Eric B Freeman, Cox: Frederick George Holdaway, Cch: Arther H Watson
2nd Adelaide University - Bow: Frederick Aubrey James Thompson, 2: Terrence Brady Paltridge, 3: Gemmel Tassie, 4: Myles Landseer Formby, 5: Kenneth H Boykett, 6: Philip Andreas Reid, 7: James S Lord, Str: Leslie Carrington Maiden, Cox: Ian Ayiffe Hamilton, Cch: Cecil Thomas Madigan
3rd Melbourne University - Bow: R G Orr, 2: Walter N Ricketts, 3: John Francis Williams, 4: Horace Stuart Thomas, 5: W James Pannell, 6: James M Buchanan, 7: Henry Coverley Maling, Str: Kenneth Howard Hadley, Cox: James James, Cchs: Dr Clive Disher & Charles Donald
4th Sydney University - Bow: Stewart W Jamieson, 2: Andrew Thyne Reid, 3: Eric R Caldwell, 4: William S Shannon, 5: Henry T E Holt, 6: Albert E R Hoskins, 7: Norman C Vogan, Str: Frederick C Golding, Cox: John S Laidley, Allan Ramsay