Genetic variation and inter-trait correlations were examined in a base population of Eucalyptus globulus established on four sites in Argentina. The genetic material included 223 open pollinated seed lots from 11 Australian localities and 52 open pollinated and control pollinated seed lots from European and South American land races. Survival, growth, bark thickness, tree form, transition to adult foliage and Pilodyn penetration were assessed, at different ages up to 4-years. Average single site individual narrow-sense heritabilities were low for forking (0.03), survival (0.05) and form (0.10); intermediate for growth (0.27) and relative bark thickness (0.32); and high for Pilodyn penetration (0.48) and transition to adult foliage (0.60). There was strong positive genetic correlation between the same trait measured at different sites (> 0.70) and ages (> 0.64). In general, the genetic correlations between growth and other traits were not statistically significant (Pilodyn penetration -0.04, fork 0.06, proportion of adult foliage 0.06, bark thickness -0.02). Correlations amongst subrace effects were generally consistent with the family within subrace genetic correlations, but to some extent lower and less significant. Other estimates of genetic parameters reported for E. globulus were generally consistent with the present study. The limitations on parameter estimates from open pollinated progeny trials are discussed.