Rangers are 11th in the Championship table at the moment with 26 points from 19 matches, just two points behind sixth-place Birmingham City having played a game more.
"Can we reach the play-offs this season?” Austin told The London Evening Standard. “I don't see why not - look at the squad we've got.
"We need to work as hard as the last six weeks and who knows what will happen come May.”
QPR, who got relegated from the Premier League at the end of last season, are very much in the running for a playoff spot.
Rangers do have a good squad, and they appear to have got back some form.
The London outfit have won their last two Championship matches. A 1-0 home win against Leeds was followed by a 1-0 victory over Reading on the road.
The performances of QPR in those two matches have been far from great, but at this stage of the season points are all that matter.
Rangers will return to action next weekend when they take on Burnley at Loftus Road in the Championship.