Monitoring waterbird populations in Australia is challenging for reasons of counting logistics, and because population aggregation and dispersion can shift rapidly in response to large spatio-temporal variations in resource availability. The East Australian Waterbird survey has conducted annual, aerial, systematic counts of waterbirds over eastern Australia for almost 40 years. It was designed to monitor waterbird populations using design-based inference though for many species this form of inference appears inadequate in the face of these challenges. Here we develop a state-space model-based Bayesian approach that, in addition to explicitly incorporating process noise and observation uncertainty, uses random effects and rainfall-derived covariates to model the year-to-year variation in the proportion of the total (super) population that is present on surveyed wetlands, and available to be counted. We use this model-based approach to estimate the superpopulation size of 45 waterbird species annually, and model the rate of population increase as a function of antecedent rainfall. The results confirm the strong positive effect of antecedent rainfall on population growth rates for nearly all species, and illustrate that species respond to rainfall differently in terms of habitat use, which influences whether they are present on surveyed wetlands. For many species, the year-to-year variation in the estimated proportion of the population on surveyed wetlands is very high. The results have implications for making inferences on population trends from these data, with the ability to model the year-to-year sampling variation a key requirement before the rate of population increase can be estimated with any precision. This study illustrates how to progress this approach, and infers that under average rainfall conditions, the general trend is for estimated superpopulation rates of increase to be negative, though for only a few species is this occurring with strong belief.