[1][3] Walters' preferred career path in the military was engineering, and it was only when he failed to gain selection for this field after his graduation that he applied to transfer to the Air Force, which, having no cadet college of its own, had arranged with Duntroon to take one of its artillery specialists each year for secondment as a pilot.

3 Squadron at RAAF Station Richmond, New South Wales, operating Westland Wapitis, he also made a name for himself performing aerobatics at air shows throughout the country.

[1][5] Walters put this particular talent to use in pursuit of his wife-to-be, Jean Manning, stunt flying above All Saints Church, North Parramatta, where her father was rector.

[8] Walters was posted to Britain in 1936 to attend the Royal Air Force Staff College, Andover, and was promoted to squadron leader in March 1937, while still overseas.

[8][12] On 25 October 1938, his Demon crashed in scrub at Tumbi Umbi, New South Wales, when the engine failed shortly after taking off for Richmond, but he was not injured.

[8][9] Later that month, he joined Group Captain Henry Wrigley as an expert assessor on the panel of an inquiry into a recent series of three Anson accidents; the full report handed down in October found human error the likely explanation for at least one crash and that training on the type followed the syllabus laid down, but that pilots needed more practical experience in dealing with potential in-flight incidents.

[16] He had earlier travelled incognito to Singapore on a Qantas Empire flying boat, which had been specifically requested to deviate from its normal flight path so that he could reconnoiter airfields in the Dutch East Indies.

[1][19] He succeeded Frank Lukis as commanding officer of RAAF Station Laverton, Victoria, in May the same year, and was promoted acting group captain.

[2][20] In May 1942, he joined Allied Air Forces Headquarters, South West Pacific Area (SWPA), in Melbourne as Assistant Director of Operations.

[21] He was made a temporary group captain in September, and transferred to Headquarters RAAF Command as senior air staff officer.

Established to boost the air defence capability of Australia's North-Western Area, the wing comprised three Supermarine Spitfire squadrons that had been transferred from Europe: No.

[24][25] Proudly declaring himself Australia's oldest fighter pilot, Walters was reported as taking every opportunity to join his men in the air.

"[27] On 20 June, Walters participated in the wing's most successful combat against the Japanese to that time, personally accounting for one of fourteen raiders claimed by the Spitfires, for the loss of two of their own number.

5 Service Flying Training School in Uranquinty, New South Wales, on 30 June 1943, but the next month was posted to Merauke in Dutch New Guinea to take over No.

72 Wing came under the control of RAAF North-Eastern Area Command, and undertook air defence and patrol tasks in and around western New Guinea.

71 Wing, commanded by Group Captain Val Hancock, supported the Australian 6th Division during the Aitape–Wewak Campaign, despite ordnance deficiencies that at one stage led to its squadrons arming their Bristol Beauforts with captured Japanese bombs.

[44][45] After completing his term as AOC Northern Command that year, Walters again became Director of Staff Plans and Policy at RAAF Headquarters.

[46][47] In the short term, he remained a temporary air commodore—with the substantive rank of group captain from May 1947—as the officer corps shrank drastically with demobilisation.

[53] That December, he was part of the Australian contingent at the Commonwealth Air Forces Conference, where an RAAF presence was sought in the Middle East; this eventually resulted in No.

Although Walters was keen to use the opportunity to acquire the RAAF's first North American F-86 Sabres, political realities led him to negotiate a deal whereby the wing was equipped with leased British de Havilland Vampire FB.9s.

[55] Walters' rank was made permanent in January 1954, when he succeeded Air Vice Marshal McCauley to become AOC Home Command.

Though Walters was considered to be very able, Scherger had long been regarded as outstanding and was "easily the best material on offer" according to a former CAS, Air Marshal Sir Donald Hardman.

[61] As AMP he occupied a seat on the Air Board, the service's controlling body that comprised its senior officers and was chaired by the CAS.

[2][65] When Scherger's term as CAS was due to complete in May 1961, Walters and Hancock were once more put forward to the Minister for Air as potential replacements.

"Walters was again unlucky", in the words of Air Force historians Alan Stephens and Jeff Isaacs, Hancock's "professional ability, operational experience and personal qualities" being deemed more appropriate for the role.