Austin, who plays for Kelty Hearts, was part of the squad which won the title last season.
The forward, who has enjoyed two spells with his home town club East Fife, finished the campaign as the league’s top scorer.
Confirming his place in the team of the season, the SPFL said: “It came as a surprise to absolutely nobody that ‘Fash’ finished the season as cinch League 2’s top scorer.
"A goal machine in every sense of the term, Kelty’s number 9 continued his goalscoring hot streak from the Lowland League into the SPFL, netting 17 league goals as his side ended the campaign at the top of the pile.
"Austin’s pace, power, awareness, attacking runs in behind the back line and killer instinct in front of goal saw him terrorise defences up and down the division.”
Austin was joined in the team with his Kelty teammates Thomas O’Ware, Jamie Barjonas, Michael Tidser, Joe Cardle and Kallum Higginbotham.
Given their relegation from League One, it was perhaps no surprise that there is no East Fife representation in the team of the season for the third tier.
That side was dominated by players from Cove Rangers and Airdrieonians, the top two teams in the league.