Macquarie perch (Macquaria australasica) is a freshwater percichthyid endemic to south-eastern Australia. In view of its conservation status (indeterminate), and its importance as a sport fish, natural stocks are replenished through a breeding programme using mature stock taken from the wild each year. This paper is the first of a series of investigations instigated to understand the underlying causes of the lack of response of Macquarie perch, caught from the wild and spawned and then tankreared for a year, to hypophysation techniques. In this paper, results of physical characteristics, proximate composition and ovarian histology of wild-caught and tank-reared fish (injected with salmon GnRHa and non-injected) are presented. Oocyte diameter distribution patterns indicate that Macquarie perch spawn once each year, and that in tank-reared fish oocyte maturation is incomplete with only a small proportion of oocytes reaching maturation. The mean (sd) gonadosomatic and hepatosomatic indices of wild fish were 11.25 (2.38) and 0.59 (0.10) and that of tank-reared fish were 4.84 (0.70) and 1.44 (0.09) respectively. These two parameters differed significantly (p<0.05) in the two groups of fish. Major differences also existed in the proximate composition of the liver and the way the liver components responded to GnRHa injection. The percent (sd) protein, lipid and ash by dry weight in the liver of wild injected fish were 57.02 (0.66), 30.63 (1.22) and 8.24 (0.05) respectively while in the liver of tank-reared uninjected fish these values were 30.87 (1.36), 24.59 (1.18) and 6.43 (0.13) respectively. When expressed as an absolute amount or an amount kg−1 body weight, all of moisture, protein, lipid, ash and nitrogen free extract were greater in tank-reared than wild fish. No significant differences were observed between wild and tank-reared fish in the composition of the body musculature or the oocytes.