Water striders and their allies (Hemiptera, Gerromorpha) are familiar inhabitants of water surfaces throughout the world. One of the most species-rich groups is the subfamily Microveliinae (Veliidae) that comprises small or very small bugs inhabiting the nearshore areas of stagnant or slow-flowing freshwater. Accumulation of material during the past 30 years has shown that the Australian fauna of Microveliinae is much richer and more diverse than previously recognised. In the present paper we discuss the generic classification of the subfamily and describe three new genera for species previously classified in the genus Microvelia Westwood as well as three other new genera and nine new species. The new taxa are: Drepanovelia, gen. nov. (type-species: Microvelia dubia Hale), D. millennium (NSW, Queensland), D. biceros (NSW), and D. nielseni (Queensland) spp. nov., Lacertovelia hirsuta, gen. et sp. nov. (NSW), Petrovelia, gen. nov., P. agilis (Queensland) and P. katherinae (NT) spp. nov., Nesidovelia, gen. nov. (type species: Microvelia howense Hale), Microvelopsis, gen. nov. (type species: Microvelia melancholica Hale), M. exuberans (Queensland) and M. minor (Queensland) spp. nov., Tarsoveloides brevitarsus, gen. et sp. nov. (Queensland). We also redescribe and give additional Australian records for two species of the genus Phoreticovelia D. Polhemus & J. Polhemus. Keys to adults of all species are provided and their distributions mapped.