Univariate analysis (ANOVA) of waratah (Telopea speciosissima (Sm.) R.Br.) floral and leaf characters, chosen primarily for their horticultural importance, showed that there were detectable differences among populations and indicated, for most characters studied, that variation was greater among the tested natural populations than within. There were significant differences between some populations for all variables except inflorescence height. Inflorescence colour, particularly style colour, showed the greatest variation among populations and leaf margin type, leaf width and flower number were also variable. Inflorescence width, bract number, bract width, leaf length and leaf apex shape were variable within populations; however, they were less useful in distinguishing between populations. Multivariate analysis of characters (principle component analysis, PCA; or canonical variate analysis, CVA) showed unique character combinations in several of the populations studied. Natural waratah populations of this species can, therefore, be explored for unique, although subtle character variations for horticultural development. Conservation efforts should seek to maintain genetic diversity in natural populations and ensure that cultivated populations capture and maintain an appropriate level of diversity for continued selection and horticultural improvement.