Market-based instruments and competitive stewardship funding for biodiversity conservation: The achievable reality

With the majority of Australia's natural resources located on privately managed land, there is an imperative for governments to engage land managers in conservation practices that maintain or improve biodiversity. Reflecting the belief that markets lead to a superior allocation of resources, market-based instruments (MBIs) are being applied to a range of environmental issues across Australia. This article reviews the outcomes of three projects that targeted biodiversity conservation on agricultural land in Central Queensland. It examines the purpose for engagement with these programs, and whether the outcomes align with eight key arguments for the use of MBIs. This study suggests that while short-term and targeted environmental goals were achieved, arguably the most important outcomes of these projects were their capacity to build support networks, foster communication between natural resource management agency staff and landholders, and promote a greater appreciation for the relationships between biodiversity and productivity.