I think this is at what was known as the Turner Playing Fields now in the ANU grounds, not as playing fields but the Chemistry buildings area. I have a Picture ( from the NAA) of Menzies planting gum trees there in 1951 as part of the Jubilee of federation. Each state sent a representative of their Aussie Rules clubs for a celebratory meeting and each state planted a tree

Assuming the title correctly states this is a grand final, then the photo is of the 1926 Federal Territory Australian Football League (FTAFL) grand final, played between Federals (black with red sash) and Acton (black with white horizontal band) at Northbourne Oval (with Mount Ainslie in the background). Northbourne Oval is now Rugby League Park, Braddon. There is a 2017 photo on a well-known maps app of Rugby League Park showing this angle of the oval, with Mt Ainslie behind.

Turner Oval wasn't used until 1948 (when the Turner club entered the competition). In addition, Acton stopped wearing the jumper in this photo after the 1929 season, changing to black and white vertical stripes.