The area known as Red Bank, 3.2 km south of Wattle Flat, had rich alluvial workings.

[7][8] Significant gold mining activities continued in the area up until around the years of the First World War.

[9] It is said that, at the peak of the gold boom, the area had a population of 20,000 and Wattle Flat had ten hotels, four large stores and several smaller ones.

[21][4][22] Wattle Flat has a general store that also has a post office agency, The Wattle Flat Heritage Lands—the former common, consisting of two areas; one just to the north and one just to the south of the village[23]—is set aside for environmental protection and public recreation (bush walking).

[4] From 1983 to 2019, the Wattle Flat Progress Association hosted a bush race meeting called the "Bronze Thong Festival".