Walter Krauss took a diploma course at the Hochschule für Welthandel, Vienna, and then worked in business until 1938, with jobs in Italy and Poland during the Great Depression years. In Australia during World War II he worked as a foreign language monitor in the Department of Information, Melbourne. After retiring in 1971 he began studies at the University of Melbourne, gaining a Bachelor of Arts degree in History and Political Science in 1976, a Master of Arts degree in 1980 and writing his dissertation (on the Austrian experience of the welfare state) towards a Doctor of Philosophy degree in 1984. Some of his interviews of residents in Montefiore Homes in Melbourne were published as oral histories.