Australia’s journey towards a circular economy is in its initial stage. Demand for resources is putting pressure on Australia’s urban environments, which house over 75% of the country’s population and account for over 80% of national GDP. Until 2018, recyclable waste was largely exported to other countries for processing. This has now changed and has led to national and state-based discussions on more effective reprocessing of waste resources. This chapter aims to present findings based on research conducted to understand the current circular economy ecosystem in the state of Victoria (Australia) to support its plans for waste reduction and transition to a circular economy. A mixed-methods approach was taken, comprising desktop research, interviews with key actors, and a survey targeting a wide range of businesses. It was found that there was no consistent or systemic understanding of the concept of the circular economy; rather, the narrative revolved around waste management and recycling. For transitioning to a circular economy, a systematic shift is needed, supported by a clear policy directive, financial outlay, technical know-how, education, awareness, engagement, and collaboration across traditional isolated sectors.