Introduction: Intrinsic capacity, the composite of an individual's physical and cognitive capacities, has been proposed by the World Health Organization as a key construct for measuring healthy ageing, yet no standardised approach to its operationalisation exists. This study developed and compared three intrinsic capacity models in an Australian population. Method: Data from 1,705 Australian men aged ≥70 from the Concord Health and Ageing in Men Project, was used to develop three intrinsic capacity models using confirmatory factor analysis: literature-based (21 commonly used indicators), minimum-set (10 indicators), and clinically informed (10 indicators selected for clinical feasibility). Model fit was assessed using a set of goodness-of-fit statistics. Convergent validity was assessed using activities of daily living (ADL) and instrumental activities of daily living (IADL) as indicators of functional ability. Predictive validity was examined using incident ADL and IADL dependency at follow up and linked mortality data. Results: All three models demonstrated acceptable fit, with the minimum-set and clinically informed models showing slightly better fit than the literature-based model. ? Common Domains across models were comprised cognition, vitality, locomotor function, and psychological well-being. Higher intrinsic capacity scores were significantly associated with lower ADL and IADL dependence at baseline, lower incident dependency at follow-up, and lower all-cause mortality across all models, supporting both convergent and predictive validity. Conclusion: By developing three models that vary in complexity and data requirements, this study offers a transparent, context-sensitive approach to measuring intrinsic capacity suited to different purposes, from population research to routine clinical assessment.