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Large, confined aquifer systems play a vital role in sustaining human settlements and industries in many regions. Understanding the sustainability of these water resources requires the evaluation of groundwater storage change. Direct in‐situ observation of groundwater storage is limited by the distribution and availability of groundwater level and aquifer storativity data. Here, we use and compare two auxiliary methods, applied at basin and sub‐basin scales, to assess groundwater storage changes in the Great Artesian Basin (GAB), one of the World's largest confined aquifer systems. The first, the groundwater budget, derives storage change as the residual of fluxes in and out of the GAB, assuming they are all accounted for and accurately estimated. The second uses time‐variable gravity data from GRACE satellites to estimate temporal changes in groundwater mass, assuming that all other components of the terrestrial water mass change detected by GRACE are correctly subtracted. Despite the depletion observed during the 20th century, groundwater storage is mostly stable during 2002–2022. An increase in storage is detected in the Surat sub‐basin, a major recharge area. This increase is attributed to an over‐representation of large recharge events during the study period and/or storage recovery following rehabilitation of free‐flowing bores. The approach consisting in disaggregating GRACE data assumes that water storage changes in confined aquifers is dominated by changes in the GAB, and as such, it may overestimate the increase in the GAB by incorrectly attributing the increase occurring in overlying aquifers to the GAB. In contrast, the recharge estimates used in the groundwater budgets do not account for flood recharge and might underestimate storage increase in the GAB. Plain Language Summary: Monitoring groundwater storage in large, confined aquifers is often impossible as it requires large groundwater level and lithological data sets that are often unavailable. However, monitoring is crucial for assessing and managing the sustainability of this resource and manage it appropriately. This study uses and compares two auxiliary methods, applied at basin and sub‐basin scales, to assess groundwater storage changes in the Great Artesian Basin (GAB), one of the World's largest confined aquifer systems. The groundwater budget approach estimates water storage changes by adding up the amounts of groundwater that goes in and out of the aquifer system. The satellite gravimetry approach uses the temporal changes of Earth's gravity field to infer changes in groundwater mass. Both methods agree that, despite the depletion observed during the 20th century, groundwater storage in the GAB was mostly stable during 2002–2022. An increase in groundwater storage is detected near major recharge areas. It is attributed to an over‐representation of large recharge events during the study period and/or groundwater storage recovery following capping of free‐flowing bores. Key Points: GRACE and groundwater budgets agree that water storage in the Great Artesian Basin was stable for the period 2002–2022Increased storage in the Surat sub‐basin is attributed to bore rehabilitation and/or increased recharge during the study periodWithin the Surat sub‐basin, increased storage may be overestimated by GRACE and/or underestimated by the groundwater budgets [ABSTRACT FROM AUTHOR]