It is the first major award taken by the new Camry and its flagship hybrid version - both launched in the last six months.
The two Camry versions claimed the award ahead of 29 other vehicles assessed by judges from specialist national magazine ECOcar.
Vehicles ranged in price from $16,000 to more than $90,000.
The judging criteria crossed all price groups and included fuel efficiency, performance, comfort, refinement and driving enjoyment.
The Camry Hybrid has a combined fuel economy of 5.2L/100km* and the petrol Camry has a combined fuel economy of 7.8L/100km*.
"The choice of both cars as first and second was determined by an assessment of their fitness for purpose," chief judge Chris Mullett said.
"Both offered identical refinement and engine choices depending on drivers' needs."
Capped-price servicing, providing further operating economy, had been a contributing factor in the choice.
Toyota spokesperson Beck Angel who accepted the award described Camry as a vehicle leading the hybrid charge in Australia.
"Toyota's suite of hybrid models, including the Camry Hybrid, is at the forefront of establishing strong demand for more fuel-efficient vehicles," she said.
Toyota this week announced it had delivered its four-millionth hybrid vehicle globally.