The results of the first joint Soviet-Australian expedition to the AFZ around Heard and McDonald Islands are briefly reported. Environmental conditions of the shelf area of Heard were favourable for the formation of commercial aggregations of Champsocephalus gunnari during the austral winter. Stability of the aggregation is discussed in relation to the environmental conditions. The unique character of Heard’s population of C. gunnari was determined according to a number of biological and morphological parameters. A preliminary stock assessment of the detected aggregation of C. gunnari is given.