The question of whether female-owned firms underperform male-owned firms has triggered much research and discussion. Klapper and Parker’s (2011) review concluded that the majority of prior research suggests that female-owned firms underperform relative to male-owned firms. However, using performance measures that control for size and risk (and after controlling for demographic differences such as industry, experience and hours worked) Robb and Watson (2012) found no gender performance difference in their sample of newly established U.S. firms. The aim of this study, therefore, is to replicate Robb and Watson’s (2012) study to see if their findings can be generalized to another geographical location, Australia.