The 1972 New Zealand eight was a team of Olympic gold medallists in rowing from New Zealand, having previously won the 1971 European Rowing Championships. At the time, the eight was regarded as the blue ribbon class of rowing, and the sport still had amateur-status in New Zealand, unlike many other nations competing in rowing. After a disappointing Olympic performance at the 1968 Summer Olympics by the New Zealand eight, national selectors Rusty Robertson, Don Rowlands, and Fred Strachan were tasked with assembling a new crew. Robertson was also the team's coach. The next time a New Zealand eight competed was at the 1970 World Rowing Championships, where they came third. The team was once again significantly changed for the next rowing season, with the 1971 edition of the European Rowing Championships and other international regattas beforehand seen as the ultimate test for the 1972 Summer Olympics. The team put up an impressive performance, beat the highly favoured East German eight, and became European champion; at the time the win was regarded as holding world championship status. No further changes were made to the team, not even their seating position, for the 1972 season. Despite a shoe-string budget, financial constraints, and all rowers working part-time, the 1971 success was repeated and the team won Olympic gold in Munich. The president of the International Olympic Committee (IOC), Avery Brundage, was a zealous advocate of amateurism; he was so impressed by the New Zealand performance that he insisted on handing out the gold medals himself. During the medal ceremony, much to almost everybody's surprise, "God Defend New Zealand" was played instead of the national anthem, "God Save the Queen". It was the impetus for a campaign to make "God Defend New Zealand" the New Zealand anthem, and in 1977 it was gazetted as having equal status to the traditional anthem.
The team won some significant awards and recognition for its successes. The rules of the "Sportsman of the Year Award" had to be changed so that a team could win the supreme award; this was awarded after their European championship win. Brundage also awarded the Taher Pacha Trophy to the team for distinction in amateur sport in 1971. After the Olympic success, the team was again awarded "Sportsman of the Year"; the first time a back-to-back award had been handed out. Rowlands, their manager, was appointed a Member of the Order of the British Empire (MBE) in the 1973 New Year Honours. Over time, coach Robertson, manager Rowlands, and then the team as a whole were inducted into the New Zealand Sports Hall of Fame.