This paper examines issues of Australian teachers' professional development and personal welfare, pressing issues Australian education as a period of unprecedented change has been paralleled by significant and rapid aging of the Australian teaching population. Noting that the average age of teachers is 44 and rising, the paper argues that a major challenge lies in ensuring teachers and school administrators are motivated, abreast of current developments, forward looking, innovative, and satisfied by their role. The paper reviews implications of the aging in the teaching population and explores sources of teacher satisfaction and dissatisfaction, based on current and recent research. The review finds that the greatest source of satisfaction is pupil achievement and teacher accomplishment. Other sources of satisfaction are recognition from others, self-growth, the mastery of subject content and teaching skills, and good relationships with students, parents, and other teachers. Overall teacher satisfaction is found to be closely tied to the human or affective domain. The paper closes by arguing that the aging of the Australian teaching population must be addressed at personal, school, and systemic levels if teachers are to bring to fruition the nation's increasing, and at times contradictory, expectations for education. (Contains 29 references.) (JB)