Your photo fron Unique Cars magazine?
It looks as MG-Holden Roadster, spotted at the Birdwood Classic some years ago..
What a tremendous find, though some details differ and I have slightly separate information, I cannot in good conscience say that this is a different car!
I got my image in a sales magazine from the 80s, so details were scarce. My source lists this as M.G.T.F. based Holden Grey powered historic racing car, eligible built in the 1950's. Any more information that you have accompanying this image would be greatly appreciated if there is anything further?
The further confusion comes from the possible connection that it
might be a Buchanan bodied car initially:
""Wal Anderson" Buchanan Repco-Holden special built 1957 in QLD by Wal Anderson. Raced by Wal Anderson 1957-58. Owned by Greg Smith in Melbourne, discovered the remains under a MGTF special, original body has since been located along with all the missing bits and these have all been authenticated by Wal's son who worked on and drove the car and now lives in Melbourne. Built on a Lotus MK6 replica chassis built by Stan Brown and Alex Strachan in Sydney"Though sparse and imageless, the information matches up with what I've been able to provide.
Regardless, fantastic solve - I thought this was going to last a lot longer, and the point is duly yours!