Situated off the main Bathurst - Cowra road in mid-western NSW, are Walli Caves. Originally called the Belubula Caves, Walli & its nearby sister, Cliefden Caves, are near the Belubula River, and were first discovered in the late 1800s. Names inscribed in the formations in Piano Cave are dated 1875. The property was a small part of the land granted, in 1832, to Thomas Icely. Icely noted the existence of the limestone, and named the nearby Limestone Creek. The property supports sheep & cattle and is currently owned by a Sydney dentist.

There are currently 72 caves at Walli, with only three containing more than one entrance. The caves are predominantly dry & warm, and on cold winter mornings the caves can be seen "steaming" - warm air rising from the entrance. In mid 1990, due to excessive rain, temporary flooding in a number of caves occurred. Such an influx of water has never been seen or noted before. There is a permanent water course running through the property.