The dominance of the neoliberal discourse in the sustainability debate has tended to privilege the economy over environment and social dimensions with implications for what is measured by sustainability monitoring systems. Moreover, systems to measure sustainability, including those influenced by neoliberal discourse, lack robust definitions and fail to address the interrelationship between social, economic and environmental contexts. If sustainability indicators are to help understand the interrelated forces driving change, by providing indications of sustainability, then the indicators should be derived from an epistemologically consistent conceptual framework which encapsulates clearly defined phenomena. The paper discusses whether sustainability indicators in the Australian context are derived from an epistemologically consistent framework. It is argued that the validity of current sustainability reporting systems is contestable.