Water metering has traditionally been seen as a means of measuring the amount of water consumed primarily for billing purposes. However, with the recent entry into the market of smart water meters, metering is now increasingly considered as an integral aspect of integrated water management. The purpose of this paper was to undertake a review of urban water metering in Australia, and to understand the nexus between water metering and water conservation. The review has demonstrated that metering has contributed to water conservation. The use of smart meters, and their integration with other household appliances, is on the increase.