The ABARES Fishery status reports have played a key role in the evolution of Commonwealth fisheries policy and management in Australia since first produced in 1992. Nearly 25 years later, it is timely to reflect on this contribution and consider how these reports might continue to influence Australian fisheries in the years to come. Over time, the classification framework has changed slightly but has been based on biomass—that is, the weight or number of fish in a stock, and fishing mortality—that is, the rate at which the stocks are being fished. In line with United Nations guidelines, the reports consider these biological indicators in the context of limit reference points. The reports also consider progress towards target reference points, including maximum sustainable yield and/or maximum economic yield. Despite the Fisheries Management Act 1991 being in place, a worsening trend in fish stock status coupled with poor economic performance through the 1990s and early 2000s led to a Ministerial Direction in 2005 to cease overfishing and recover overfished stocks. Key elements of this Direction were the Securing our Fishing Future structural adjustment package and the development of a best-practice harvest strategy policy. These, along with a number of other initiatives, have led to a stark turnaround in the biological and economic performance of a number of Commonwealth fisheries. Since the 2005 Ministerial Direction, the percentage of stocks classified as not overfished and not subject to overfishing has increased markedly, while the percentage of stocks classified as uncertain, or overfished and subject to overfishing, has decreased. The Fishery status reports have provided a benchmark and a legacy for fisheries science and management in Australia. Future opportunities include strengthening links with other jurisdictional fisheries management and reporting frameworks and consideration of more comprehensive reporting against target reference points.