Source level and frequency are important in determining how far an acoustic signal can travel. However, in some species these sound characteristics have been found to be biomechanically linked, and therefore cannot be modified independently to achieve optimal transmission. This study investigates the variability in source levels and their relationship with frequency in the songs of humpback whales (Megaptera novaeangliae). Songs were recorded off eastern Australia using a fixed hydrophone array deployed on the whales' migratory corridor. Singing whales were acoustically tracked. An empirical, frequency-dependent model was used to estimate transmission loss. Source levels and frequency were measured for 2408 song units from 19 singers. Source levels varied from 138 to 187 dB re 1 μPa at 1 m (root mean squared), while peak frequency ranged between 52 and 3877 Hz. Much of the variability in source levels was accounted for by differences between the unit types, with mean source levels for each unit type varying by up to 17 dB. Source levels were negatively correlated with peak frequency and decreased by 2.3 dB per octave. The negative correlation between source levels and frequency is consistent with the presence of an air-filled resonator in the whales' sound production system.