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Panic disorder is highly debilitating and contributes a significant amount to anxiety-related disability-adjusted life years globally. To understand this burden, the current study provides an up-to-date understanding of the descriptive epidemiology of panic attacks and panic disorder in the Australian population. Data were from the most recent 2020-2022 National Survey of Mental Health and Wellbeing, a large-scale population-based study conducted in Australian households with respondents aged 16-85 years of age (n = 15,893). Panic attacks and panic disorder experienced across the lifetime, within the past 12 months and within the past 30-days were assessed by the Composite International Diagnostic Interview according to the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV) diagnostic criteria to facilitate direct comparisons with the 2007 National Survey of Mental Health and Wellbeing (n = 8841). The lifetime prevalence of panic attacks and panic disorder was ~27% and 4%, respectively. Those with panic disorder indicate a median age of onset in their early 20s and the experience of panic disorder is not trivial, with nearly half of all cases (45%) falling within the 'severe' range in terms of severity and functional impairment. There were significantly elevated odds in select subgroups of the population with evidence that panic attacks and panic disorder remain a pressing concern for the Australian population, and particularly so in 2020-22 for younger cohorts (16-24), females, those who have never been married, and people who reside in inner regional areas. Despite improvements in access to mental health services, there remains a strong need for improved mental health services and targeted prevention programmes.