The Australia Group (AG) is a cornerstone of states’ efforts to curb the proliferation of chemical and biological weapons (CBW). It is an informal group of states that coordinates and harmonizes export controls on CBW and related dual-use items. The AG guidelines and common control lists provide de facto international standards for export controls on CBW and related dual-use items. However, the AG has become the subject of renewed criticism and faces a range of challenges related to implementation of its key functions, rapid scientific and technological advances, and its future role in an era of geopolitical competition. Despite calls for modernization or structural reform of the regime to address structural challenges, the spread of the chemical and biotechnology industry and research and development within the industry, as well as the changing political and geoeconomic context, there has been no major reform of the AG in the past 10 years. To overcome these challenges and maintain the appeal of participating in and engaging with the AG, it needs to be strengthened and undertake meaningful reforms. Building on their like-mindedness, AG participants should develop a vision for membership, adherence and outreach, strengthen transparency and the provision of public goods, including publication of good practices documents, take steps to manage the impact of geopolitics and strengthen perceptions of the legitimacy of the AG.