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It was revealed at the Melbourne International Motor Show ahead of its worldwide competition debut with Neal Bates and the championship winning TRD rally team in June.
And there is much more to the Corolla story for Australia.
The all-new compact, which was revealed at the Paris Motor Show last year as the Auris, is about to become the $20,000 price fighter for Toyota Australia.
It will be sold as a sedan and hatchback with a 1.8-litre engine.
Full details will not be confirmed until the on-sale date, but Toyota emphasised its role this morning.
"The importance of these Corollas cannot be under-estimated," said Dave Buttner, the head of sales and marketing for Toyota Australia.
"Corolla was the country's best selling vehicle in January - and for two months of last year. We expect the new Corolla and hatch to build on the success of the current model.
The Corolla hatch was unwrapped by Nicky Whelan, who stars as Pepper Steiger in 'Neighbours', while Commonwealth Games gold medallist John Steffernsen did the job for the Corolla sedan.
The cars were shown by Toyota alongside the all-new Kluger family wagon which will reach Australia in the third quarter of 2007.
