5AA commenced service in Kent Town on 14 March 1976 on the frequency 1390 am. It was moved to 1386 AM with the introduction of 9 kHz spacing on the AM dial in 1978. The station now broadcasts on 1395 AM. 5AA commenced its life with a "Beautiful Music" format and quickly became Adelaide's no 1 rating radio station. In 1976, the only FM competition was ABC Classic FM. AM stations were ABC Adelaide, 5DN 972 - "Licensed to talk" and music stations 5KA on 1197AM and 5AD on 1323AM. In the 1980s, 5AA was sold to the State Government-owned TAB betting agency, ditching music to begin broadcasting horse and dog racing, with talkback in between race calls. The station shifted to the TAB headquarters in Pulteney Court, Adelaide, with "Talk of the Town" as its slogan. However, it plummeted in popularity as a result of its schizophrenic broadcasting policy. With the advent of narrowcast licences, the TAB purchased frequency 1539AM and shifted all racing there, freeing up 5AA for talk and interviews. A new slogan was adopted in the early 1990s; "5AA, Where you don't miss a thing" and the station began a slow rise in the ratings to challenge ABC Radio and 5DN. On 27 September 1996, 5AA was separated from the TAB and sold by the State LiberalOlsen Government as part of its asset sales program to repay state debt, 5 years after the $3 billion collapse of the State Bank. The new owner was dmg Radio Australia, with CEO Paul Thompson, which had national headquarters in Adelaide. In 2000, another new logo was adopted with the slogan "Interactive Radio FIVEaa". In October 2004 the station shifted to new premises in Hindmarsh Square alongside Nova 91.9FM, also owned by dmg Radio Australia, which had launched two months earlier. In November 2009 dmg sold 50% of the station to Lachlan Murdoch's company Illyria, and Paul Thompson became non-executive Chairman for six months. When NOVA itself was acquired by Illyria in September 2012, it became the sole owner of the station.
Other shows include, Sundays with Leith Forrest, and Weekends on FIVEaa with various hosts including Andrew Reimer 7 pm till midnight and Brad Aldridge. Additionally, FIVEaa is also the AM broadcaster in Adelaide for all Australian Football League games involving the two Adelaide-based teams, Adelaide and Port Adelaide, while taking games involving interstate teams from affiliate stations such as 3AW in Melbourne and 6PR in Perth. AFL broadcasts are referred to on the station as "FIVEaaFL". FIVEaa also broadcasts select local South Australian National Football League matches, including the finals and Grand Final. During the A-League season the station occasionally broadcasts Adelaide United home games.
