Designed by Ben Lexcen, built by Stephan Ward, owned by Alan Bond and helmed by John Bertrand, the Australia II featured an innovative winged keel design developed by Lexcen. This helped to make it very fast and maneuverable in many conditions and was the most notable and controversial design feature of the boat. During the summer of 1983, as selection trials took place for the Cup defense that autumn, it was unclear whether the keel design was legal within the strict rules governing the 12-meter class.

Questions also surrounded the Dutch involvement in the design of the keel, which under the rules had to be designed by an Australian. The keel design was eventually confirmed as legal while the keel origin controversy remains unanswered. Despite being the first 12-meter to sport the new design, Australia II was not the first boat to have a winged keel, though her success did much to make the concept popular.

Fishermen have always been proud of the superiority of their craft. Since the middle of the 19^th century, owners of fishing schooners have engaged in keen rivalry to prove their mettle by racing for the Thomas Lipton trophy. Over the years this contest turned into Canadian-American rivalry. The Bluenose, of Halifax, carried a sailors nickname for men and boats hailing from Nova Scotia. She was the outstanding champion on the Canadian side. The schooner Bluenose was built in Nova Scotia in 1921 to fish the rough waters off the coast of Newfoundland. A salt banker type, she stayed out until Her holds were full of fish, using salt to preserve her catch. During prohibition, she was used as a rumrunner. The Bluenose was lost off Haiti in 1946.