Over the past 50 years, the private security industry has entered a remarkable mass-growth phase, which has by no means come to an end. However, this increasing prominence has coincided with an upsurge in the number of scandalous events and adverse incidents associated with security providers. These include long-term chronic problems with violence, insider crime, fraud in contracting, and poor service standards. In the space of five decades, the importance and expansion of the size and role of private security have led licensing authorities in many countries to introduce special legislation to govern its growth and development, and Australia is no exception. Since the 1980s, the security industry regulatory regime in Australia has undergone a wave of licensing reforms as a response to recurring and emerging issues. The present study covers the transitional period of the 1970s-2000s and assesses four phases of development pathways: the pre-reform era (1970s); the first phase of reform (1980s-90s); the second phase of reform (2000s); and the ‘unfinished business era’ (2000s-present). The objective of this study is to review the progression of industry-specific regulations in-depth, presenting an inventory of licensing framework across Queensland and New South Wales with cross-jurisdictional input.