The facelifted 2018 model has managed to lift its rating through ANCAP's sister organisation, Euro NCAP, but the result is still a below-par 3-star rating.
To raise the safety rating, Ford has added autonomous emergency braking and lane departure assistance.
While EuroNCAP's secretary general, Michiel van Ratingen, complemented Ford on improving the Mustang's safety rating, it has yet to be confirmed whether the 3-star result will be transferred to ANCAP scores.
The local crash test body is still working with Ford Australia to determine final specifications and whether the safety systems will be fitted on right-hand drive models.
The Mustang wasn't the only under-achiever in the latest round of crash tests, with the Honda Civic hatch scoring a four-star rating as a result of poor child protection in the back seat.
But there was a host of new five-star cars revealed, including the Opel/Vauxhall Insignia that will be sold in Australia as the next-generation Holden Commodore from 2018, along with the Hyundai i30 hatch, the Alfa Romeo Stelvio SUV and Volkswagen Arteon.
MORE: Tickford Celebrates Aussie Motorsport History With Special Edition Moffat Mustang
MORE News & Reviews: Ford | Mustang | ANCAP