Small molecules (organic compounds with a MW < 500 Daltons) are critical tools for understanding important cellular events and biological pathways involved in health and disease. To date, however, only a few hundred human proteins have been studied in detail using small molecule probes. Because many of these have been discovered serendipitously, more recent initiatives employ screening programs that are broadly scoped and high-throughput in nature to facilitate the efficient discovery of many more useful probe and lead molecules. In this paradigm, access to large, diverse and biologically relevant compound libraries is essential for the identification of small molecule probes that can interrogate a biological system (chemical biology) or lead molecules for early phase drug discovery. This presentation will discuss the opportunities available for Australasian chemists and their biomedical research colleagues through a national compound management facility to underpin both chemical biology and drug discovery programs.