Hailing from Scarborough, the 25-year-old competed in the finals of the competition last year.
Mr Phatak said he had been busy preparing to battle it out against 11 of Australia�s best young musicians to win a place in the grand final.
�There will be plenty of nerves when the time comes, but right now it�s all about the preparation, which is going well,� he said.
�It�s a difficult thing to work out how to pace yourself because there are three different rounds to prepare for.
�The first round is an hour-long recital, the second is chamber music and the third is playing a piece with the Tasmanian Symphony Orchestra.�
The three grand finalists will perform their nominated concerto with the Tasmanian Symphony Orchestra at Federation Concert Hall in Hobart, conducted by Johannes Fritzsch.
The awards have launched many international music careers over 71 years, including Roger Woodward, Simon Tedeschi and Diana Doherty.
Mr Phatak has played the flute for 15 years and completed a Bachelor of Music at UWA before moving to Melbourne to study at the National Academy of Music.
He said there were many rewarding aspects of the competition.
�You learn so much about yourself in a high-pressure situation like that with hundreds of people watching you and listening live on radio across Australia,� he said.
�Another part of the program is media training and press photos and just learning about every aspect of being a young performer today.�
Symphony Australia chief executive Kate Lidbetter said the competition raised the profile of the musicians talented enough to make the finals.
�We have seen many talented Australian performers catapulted onto the world stage after winning this award,� Ms Lidbetter said.
�It�s so inspiring to experience this level of talent and proficiency in Australia�s young musicians.�
The finals will run from October 29 to November 7.