A radio and television producer, Laura Waters spent more than a decade producing current-affairs programs and documentaries, before turning to narrative comedy in the mid-1990s. She has worked as a producer with some of Australia's leading comedians, including Gina Riley (q.v.) and Jane Turner (q.v.) on series three of Kath and Kim, Shaun Micallef (q.v.) on Welcher and Welcher, Rove McManus on his Channel Nine pilot, Wendy Harmer (q.v.) on her radio show Kaboom!, Tony Martin (q.v.), and Chris Lilley (q.v.).
In 2004, Waters founded Princess Pictures (q.v.). The company's first production was the comedy series Eagle and Evans. The following year, she and Lilley developed the award-winning We Can Be Heroes mockumentary. The success of that series led to her producing his follow-up series Summer Heights High.