Walters' first job was at The Daily Advertiser, in his home town of Wagga Wagga, New South Wales.  In 1985 he moved to Sydney, working as a reporter and newsreader for radio 2WS, 2CH and 2 Triple M. In 1989 he joined The Daily Telegraph.
In 1990, Walters made the transition to television, as a crime reporter for the Seven Network. In 2000, he switched to the Nine Network, continuing in the role of crime reporter. Walters shared a Logie Award and Walkley Award for the Nine News team's coverage of the 2002 Bali bombings. In 2006, Walters became the Nine Network's NSW State Political Correspondent, and went on to earn Walkley and Logie award nominations for most outstanding television news reporting in 2007 after a series of stories which led to the resignation of the NSW Police Minister.
On 20 May 2010, Walters broke a story on Seven News in Sydney about the resignation of New South Wales Transport and Roads Minister David Campbell. Walters' story was based around hidden camera footage of the Minister leaving a gay sex club in Sydney's eastern suburbs. Walters had confronted Campbell with the footage, and upon being told the story would air, Campbell resigned as Minister an hour prior to the news bulletin. Although former NSW Labor Premier Barrie Unsworth said Campbell's actions were "deplorable" for exposing himself to "blackmail and compromise" the story was criticized by other sections of the media and by politicians, including the Sydney Morning Herald which deemed it "not a good moment for the media coverage of Macquarie Street". The Australian Communications and Media Authority (ACMA) ruled Seven's Campbell story was in the public interest After Labor's 2011 election defeat Fairfax Media's Sun-Herald State Political editor reported the Campbell story was a critical setback for former NSW Premier Kristina Keneally.
In 2012 Walters and Seven News colleagues Lee Jeloscek, Sharri Markson and Michael Mckinnon won the Walkley Award for Television News Reporting for reports demonstrating that the NSW Government had disregarded departmental advice against a ban on regular unleaded petrol.
Walters joined Network Ten as a reporter in mid-2015. On 9 and 10 February 2016, Ten Eyewitness News broadcast a two-part story by Walters concerning an inquiry held by the Independent Commission Against Corruption (ICAC). In his reports, Walters asserted that the inquiry had "destroy[ed]" the reputation of Charif Kazal, a Sydney businessman, by providing a forum for "baseless" and "false" allegations that Kazal had engaged in corrupt conduct. His reports incorrectly stated that Kazal had been cleared of wrongdoing by ICAC and that the former ICAC commissioner David Ipp was personally aware there was no evidence for the allegations against Kazal.
Following the broadcast, lawyers for Mr Ipp wrote to the network demanding an on-air apology and retraction. The network "unreservedly retract[ed]" the statements about Mr Ipp in Walters' reports, and acknowledged that they were "entirely false and inaccurate". The network also accepted, contrary to Walters' reports, that ICAC had not cleared Kazal, that ICAC had in fact found Kazal engaged in corrupt conduct, and that its finding had not subsequently been overturned.
The basis of Walters' reports was Mr Kazal's objection to a finding of corruption despite the conclusion in ICAC's final report that: "The Commission is not of the opinion that consideration should be given to obtaining the advice of the DPP with respect to the prosecution of Charif Kazal for an offence under section 249B(2)(b) of the Crimes Act. This is because the Commission does not consider there is sufficient admissible evidence to make out the elements of the offence." ICAC later accepted the advice of the NSW Director of Public Prosecution s not to prosecute Charif Kazal for an offence under section 87 of the ICAC Act in relation to his evidence.
Walters left the network in July 2016.
Walters also reported on alleged child sexual abuse in Australian swimming, and a secret police investigation that had been set up to investigate allegations against swimming coach Terry Buck. Buck was not charged following the police investigation.
Walters has co-authored four books, Nightmare on Norfolk, about the murder of Janelle Patton, and The Accidental Gangster — the Life and Times of Bela Csidei, "The Face Without A Name - Finding Jane Doe" and "Cold Cases". All the books were co-written with fellow crime reporter Norm Lipson. Walters was also a regular contributor to The Bulletin Magazine.
In July 2008 he resigned from the Nine Network to work as a communications adviser to New South Wales Premier Morris Iemma. He rejoined The Daily Telegraph, becoming the paper's state political editor before rejoining the Seven Network in April 2010.
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Channel Seven has other, old-fashioned ideas that hark back to a time that's all but disappeared in this country when being gay was scandal enough. ... [B]lowing his cover could only be justified if, once again, his hypocrisy affected his public life. That's the rule.
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What was the public interest in putting to air last night the story of Campbell's visit to a gay sex club?
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