Allenby, who has won both the Australian PGA and the Australian Open in the previous two weeks, is looking to become the first player to sweep all three events in his home country of Australia.
Allenby, who won this event two years ago, will try to go one better than fellow Aussie Peter Lonard did last year. Lonard, like Allenby, had won the first two legs of the Aussie triple crown before a lackluster final round at the MasterCard Masters left him in a tie for eighth place.
Past winners of this event include six-time champion Greg Norman, Colin Montgomerie, Bernhard Langer, Mark O'Meara, and this year's U.S. Open champ Michael Campbell.
Last year Australian left-hander Richard Green won with a 3-foot birdie putt on the first hole of a playoff to beat Greg Chalmers and David McKenzie.
Others in this week's field trying to keep Allenby from making history include Aussies Adam Scott and Stuart Appleby, England's Paul Casey and up and coming PGA Tour stars Camilo Villegas, Ricky Barnes and Bubba Watson.