Blonde bombshell actress Margot Robbie took the number two spot, followed by sportswoman Ellyse Perry in third.
Frost was named fourth ahead of 2013 Maxim winner and Australia's Next Top Model host, Hawkins.
Political leaders also made their mark with Prime Minister Malcolm Turnbull's wife Lucy - the first female Mayor of Sydney, ringing in at number 19 above model Jescinta Campbell and Biggest Loser host Fiona Falkiner.
Deputy leader of the opposition Tanya Plibersek came in above ex-Prime Minister Tony Abbott's chief of staff Peta Credlin - taking 99th and 100th respectively.
The annual list is based on the votes from Maxim readers.
WHO Magazine has also released its 24 Sexiest People list for 2015, with only four Australians making the cut - Hawkins, X Factor judge Dannii Minogue, plus-size model Robin Lawley and Biggest Loser trainer Steve "Commando" Willis.