Australia assigns and allocates spectrum using three broad types of regulatory approaches; command and control, property rights and open access. Each approach entails numerous pros and cons, buttressed by uncertainties over future consumer demand, interference management, barriers to entry, and technological evolution. The development and commercialisation of dynamic spectrum access technologies (DSA) requires new regulatory approaches. This article discusses an array of intermediary, dynamically efficient spectrum management approaches, which may make better use of DSA opportunities. The article then discusses the practical hurdles and legal challenges posed by their adoption and regulation in an Australian context.