This Australian study assessed the cost-effectiveness of different smoking cessation interventions at a population level. A literature review was used to provide effectiveness data for the various interventions. Costs were assessed from the perspective of the Australian Government. The most cost-effective intervention was telephone counselling. The effectiveness of pharmacotherapies was increased with the addition of proactive telephone counselling. Combination pharmacotherapy with Bupropion plus nicotine replacement therapy (NRT) was not cost-effective, however Bupropion monotherapy was more cost-effective effective than NRT. These results underline the benefits of telephone counselling lines both with and without pharmacotherapy, and suggest further avenues for reducing smoking rates.