Phillips scored and claimed two assists in a 3-3 draw with Villa earlier in the week and Austin believes he is causing a lot of teams problems at the moment.
It is a remarkable turnaround for the winger, who was largely ostracised under Harry Redknapp earlier in the season, and Austin believes he will be important for the R's as they look to avoid the drop.
"At the moment we've got Matty Phillips in the side and you have to take your hat off to what he's doing for us," Austin said. "He's causing a lot of teams problems and hopefully he's going to be a big player for us for the rest of the season."
The R's have scored seven goals in their last two Premier League matches and they will be looking to continue to show this sort of firepower until the end of the season.
Phillips will be crucial to this as QPR know if they can get supply into Austin then goals are guaranteed. The 25-year-old striker has shown his class in his first season in the top-flight and he has already managed to hit the back of the net 17 times in 30 matches, making him one of the division's top scorers.