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• Australian Landscape Water Balance model is used to evaluate hydrologic trends. • Trends in modelled streamflow are evaluated against observed streamflow. • Rainfall, soil moisture, and streamflow trends are consistent with tropical expansion. • Changes in flood and drought are linked to mean rainfall changes at continental scale. • Trends are more likely to be driven by local factors at the catchment scale. Changes in the hydrologic cycle have far reaching impacts on agricultural productivity, water resources availability, riverine ecosystems, and our ability to manage environmental assets, bushfire risk, and flood hazard. For example, declining rainfall in the southeast of Australia has led to a prolonged period of drought, with serious impacts on agriculture, the environment, and water supply to urban and rural towns. Here, using the continental wide Australian Water Resources Assessment Landscape model (AWRA-L), we evaluate historical trends from 1960 to 2017 in rainfall, soil moisture, evapotranspiration, and runoff to explain changing drought and flooding. Northern parts of Australia have experienced increasing annual rainfall totals, resulting in increased water availability in the tropics with increased soil moisture, evapotranspiration, and runoff, particularly during the hot, wet monsoon season. In contrast, the southwest and southeast coast of Australia have experienced declines in rainfall, particularly in the colder months, corresponding with decreasing evapotranspiration, soil moisture, and runoff. Trends in flooding are aligned with runoff trends, and closely follow trends in rainfall, with changes in soil moisture of secondary influence. Streamflow droughts, measured by the standardised runoff index, are increasing across large parts of Australia, with these increases more widespread than changes in rainfall alone. Increases in rainfall in the tropics of northern Australia appear to be related to decreasing drought occurrence and extent, but this trend is not universal, suggesting changes in rainfall alone are not an indicator of changing drought conditions. [ABSTRACT FROM AUTHOR]