Preliminary genetic and phenotypic parameters were estimated for fatty acid traits in feedlot finished Australian Angus cattle. This included the relationships between saturated fatty acids (SAT), monounsaturated fatty acids (MONO) and polyunsaturated fatty acids (PUFA), with carcase weight (CWT), carcase rump fat (CP8) and carcase intramuscular fat (CIMF). All fatty acid traits showed phenotypic variation, with a considerable portion attributed to genetics as shown by heritabilities for SAT, MONO and PUFA of 0.64±0.11, 0.67±0.12 and 0.25±0.09 respectively. SAT had moderate negative genetic correlation with CWT, CP8 and CIMF (-0.30±0.16, -0.21±0.17 and -0.38±0.14 respectively), while MONO and PUFA have moderate positive genetic correlation with CWT, CP8 and CIMF ranging from 0.14±0.17 to 0.46±0.22. The results show that the proportion of MONO and PUFA can be increased, and SAT decreased, in intramuscular fat through selection. Importantly, this can be achieved without being detrimental to carcase weight, carcase rump fat or total intramuscular fat.