In theory, social capital promises something for everyone. This paper outlines some of the potential benefits of social capital for government, business, communities and family life. It goes on to demonstrate, via review of the literature, that a gulf exists between social capital theory and empirical understandings of the concept. This gulf, it is argued, has resulted in confusion about the meaning, measurement, outcomes and relevance of social capital, and threatens to undermine the realisation of its potential. In an attempt to bridge this gulf, the paper concludes by presenting a conceptually sound and theoretically informed measurement framework for empirical investigation and understanding of social capital, and sets out a research agenda for interrogating the value of social capital for Australian families, communities, business and policy.