Although discovered in 1982 by Ray Leggett,[2] the species was never formally described as its taxonomy was unclear.

[1] However, genetic analysis supports the Running River rainbowfish as a distinct species, rather than a colour variety of the eastern rainbowfish.

[2] In August 2015, ecologists Peter Unmack and Michael Hammer discovered that eastern rainbowfish had been introduced into the upper section of Running River, and were hybridising and introgressing with the Running River rainbowfish.

[2][3] Due to this hybridisation threat, the Australian Society for Fish Biology listed the Running River rainbowfish as critically endangered in September 2016.

[3] In August 2015, researchers from the University of Canberra and James Cook University began a captive breeding program using 'pure' Running River rainbowfish captured from the wild.