As organisations strive to be leaner, more efficient and effective, and more flexible in order to meet and exceed customer and stakeholder needs, successful new products are increasingly important. Indeed without a continual stream of new products and services organisations will not be able to survive in today's rapidly changing and competitive environment. However a large proportion of new products are not successful. This paper will outline the preliminary findings of a current research project that aims to improve the success rates for new product projects. 'Portfolio management' is a term used for the methods employed by organisations with new product programs to ensure that resources are most effectively allocated among projects. The 'Portfolio Management Practices in Australia' research project discussed in this paper aims to develop a benchmark of current portfolio management practices in Australia. It is also expected to provide an indication of'best practice' methods that have been shown to enhance new product program success. This paper will present a brief review of past Portfolio Management research, explain the goals and methods used and document the preliminary findings of the current research.