AbstractStanding meanders along the Antarctic Circumpolar Current (ACC) have been shown to be regions of elevated eddy variability, meridional heat transport, and vertical exchange. In this study, we investigate the influence of a standing meander south of Australia on air‐sea heat fluxes, upper ocean structure, and subduction in the 1/10° ACCESS‐OM2 ocean‐sea ice model forced by the JRA55 atmospheric reanalysis. We track the model's Subantarctic and Polar Fronts based on their jet and water mass structure, and produce composites of thermodynamical and dynamical properties of the meander in relaxed and flexed states. The standing meander induces trough‐to‐crest variations in surface heat flux, mixed layer depth (MLD), wind stress curl, vertical velocity, and subduction. At the crests, the ocean loses heat and the mixed layer is deeper; at the troughs, the ocean gains heat and the mixed layer is shallower. Wind stress curl, vertical velocity, and subduction change sign on entering and exiting crests and troughs. Vertical velocity due to the curvature of the meander is an order of magnitude larger than Ekman vertical velocity. The poleward excursion of Polar Front meander crests extends subduction to Antarctic Intermediate Water density classes. Finally, flexing of the meander enhances both air‐sea exchange and vertical velocity. The results show that standing meanders of the ACC influence the distribution and magnitude of air‐sea fluxes of heat and momentum and exchange between the surface and interior ocean.