The leaf economics spectrum (LES), with a trade-off between photosynthetic rate per leaf mass (Amass) and leaf lifespan (LL), is related to resource allocations between photosynthesis and leaf structures. For example, potentially there is a trade-off in phosphorus (P) allocation to photosynthetic function versus cellular membranes. These issues remain poorly understood as does the question of how P allocation among different functional fractions is coordinated with other leaf traits. Here, leaf P, leaf dry mass per unit area (LMA), Amass and LL were measured for 12 Australian woody species on low-P soils. Leaf P was separated into five chemical fractions: inorganic P, metabolite P (including photosynthetic reactants), nucleic acid P, lipid P (including cellular membranes), and residual P. Across species, LMA was correlated negatively with Amass and positively with LL, in accord with LES expectations. However, LMA was unrelated to the concentrations or relative proportions of leaf P fractions, suggesting decoupling with the LES. Clear differences were evident between species-groups. For example, Proteaceae species exhibited notably low concentrations of lipid P yet high concentrations of metabolite P; and pioneer and non-pioneer species differed in P fractionation. Future work will spread sampling across soil types, working towards a general narrative.