Depression and anxiety constitute an enormous public health burden in Australia, and as such primary prevention is an important focus for school-based prevention efforts. The focus of the current literature review is school-based prevention programmes for depression and anxiety in Australia. Most prevention studies to date would be better characterised as early-intervention treatment studies rather than prevention approaches. Although there are some promising results for early intervention, particularly in the anxiety literature, there is not yet enough evidence to recommend the implementation of any single prevention programme. Future research of universal prevention programmes is required, and a focus on transdiagnostic factors informed by co-morbidity studies and the tripartite model may inform future development of such programmes.