Australia is committed to implementing a value-based healthcare strategy by enabling new and flexible ways of paying for health services. Bundled payments, a single payment for multiple services, have been suggested as an intervention for improving value for money. We have conducted a systematic review of bundled payment initiatives in oncology and their evaluations. We found a lack of evidence of the impact of bundled payments in oncology, that the majority of bundled payment initiatives did not have evaluations associated with them, and that there was an enormous variation in their design. We discuss the implications of these findings for initiating oncology-based bundled payments in Australia, concentrating on feasibility and risk mitigation.