Purpose: The development of a physical literacy definition and standards framework suitable for implementation in Australia. Method: Modified Delphi methodology. Results: Consensus was established on four defining statements: Core—Physical literacy is lifelong holistic learning acquired and applied in movement and physical activity contexts; Composition—Physical literacy reflects ongoing changes integrating physical, psychological, cognitive, and social capabilities; Importance—Physical literacy is vital in helping us lead healthy and fulfilling lives through movement and physical activity; and Aspiration—A physically literate person is able to draw on his/her integrated physical, psychological, cognitive, and social capacities to support health promoting and fulfilling movement and physical activity, relative to the situation and context, throughout the lifespan. The standards framework addressed four learning domains (physical, psychological, cognitive, and social), spanning five learning configurations/levels. Conclusion: The development of a bespoke program for a new context has important implications for both existing and future programs.