You are able to tow 1.5 times the towing vehicles weight IF the trailer has brakes.
So if the car doing the towing weighs 1500kg, you are allowed to tow 2250kg. This is generally the weight of a Falcon on a car trailer, so yes, it is OK.
Make sure you have a tow bar for the job though. The standard tow bar with just a tongue is generally only rated to 1600kg or less. You will need one of the bigger square tube bars which are rated for 2400kg.
This is all for NSW, but I believe the rules are now very similar, state to state. Just check the RTA website to be sure.