This paper provides a review of school leadership preparation and development in Australia through considering the requirements for becoming a principal, how leadership preparation and development occurs, and consideration of recent developments to provide an Australian standard for school leaders. Australian educators have relied mostly on a self-identification and self-managed system in which individuals decide that they want to pursue leadership opportunities and then seek out the support and experiences to help them. Support is available and provided through system, university, and service organization programmes, and the support of colleagues and senior leaders in schools. Whilst there is an extensive range of support provided by systems, universities and service organizations, there is little evidence of their impact on schools. At the school level there needs to be far greater support in identifying and developing leaders. Developments in creating a national leadership standard might lead to some type of credentialing programme that could allow individuals to benchmark their development, and ensure that preparation and support programmes are of the highest quality. An alternative view is to reinforce greater individual responsibility for leadership development and career progress, encourage schools and systems to focus less on individual leadership and more on collective leadership, and consider more innovative ways of providing leadership development.