IP Australia is the Australian Government agency responsible for the administration of intellectual property rights in respect of patents, trade marks, designs, and plant breeders rights. These established intellectual property systems have grown and developed over a long period and are important in promoting innovation. Consequently it is important to have a good understanding of what they are, what they protect, how they can be used and what they do not do. This presentation will give an overview of these systems and will try to dispell some of the myths and legends regarding themas well as highlighting some recent developments.