The 1974 Repo 500K was an endurance race for Group C Touring Cars. It was held at the Phillip Island Grand Prix Circuit in Victoria, Australia on 24 November 1974 over a distance of 106 laps equalling a race distance of 501 kilometres (311 mi). The race was the fifth round of the 1974 Australian Manufacturers' Championship.
The race was won by Holden Dealer Team driver Colin Bond driving a V8 Holden Torana. Bond lapped the field, finishing a lap ahead of the Ford XB Falcon of veteran Murray Carter. Brothers Rod McRae and Russ McRae finished three laps behind Bond in their Torana to take third.