Green closed with a 5-under 67 to match McKenzie (72) and Chalmers (65) at 17-under 271 on the Huntingdale Golf Club course.
Australia's Peter Lonard, trying to become the first player to sweep the Australian Open, PGA and Masters in one season, shot a 72 to tie for eighth at 13 under.
Green, a three-time runner-up this year on the European tour, won for the first time since beating Greg Norman and Ian Woosnam in a playoff in the 1997 Dubai Desert Classic.
Two-time Australian Masters champion Bradley Hughes (71) had a double bogey on the final hole to tie for fourth at 16 under with Steven Bowditch (68) and Brad Kennedy (69). Corey Pavin, the 1995 U.S. Open winner, shot a 67 to finish two back at 15 under.
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