RESEARCH AND STATISTICS REPORTED IN THE CONVERSATION:
New report by John Hawkins slaps an official price tag on Australia’s precious natural assets
Climate regulation through carbon storage was worth A$43.2 billion to Australia in 2020-21, according to a report which seeks to put a monetary value on the benefits of our natural assets.
Australia’s first national ecosystem accounts were released by the Australian Bureau of Statistics.
They reveal how our environment contributes to Australia’s economic and social wellbeing in dollar terms. Ecosystems covered by the accounts include desert, grasslands, native forests, rivers, streams, coastal areas and oceans. These accounts provide a holistic view of Australia’s land, freshwater and marine environments. They intend to help policymakers look beyond GDP to a broader measurement of how ecosystems contribute to society and the economy.
Valuing our ecosystems
The accounts cover services provided by Australia’s ecosystems in 2020–21.
Australian ecosystems stored more than 34.5 billion tonnes of carbon – the most valuable service by ecosystems examined in the accounts, according to the ABS.
It brought a $43.2 billion benefit to Australia in the form of climate regulation. Plants and other organisms reduce greenhouse gases in the atmosphere by removing and storing them. This helps stabilise the climate, avoiding damage caused by climate change.
After grasslands, native forests and savannas made the biggest contribution to carbon storage.
The accounts show grazed biomass, or grasslands, provide $40.4 billion in benefits, through the forage provided to cattle and sheep.
The accounts also examined the provision of surface water taken from ecosystems, and used for drinking, energy production, cooling, irrigation and manufacturing. This was valued at $1.4 billion.
The provision of wild fish, sold to consumers to eat, was put at $39.2 million.
The accounts also reveal how coral reefs, sandbanks, dunes and mangroves protect our coastlines against tides and storm surges.
The ABS estimates mangroves protected 4,006 dwellings around Australian coastlines. This prevented more than $57 million worth of building damage.
The accounts also track changes in Australia’s ecosystems: 281,000 hectares of mostly farmland were converted to urban and industrial uses between 2015–16 and 2020–21. And 169,000 Ha of “steppe” land – flat, unforested grassland – was converted to sown pastures and fields.
Feral animals and weeds continue to spread; number of threatened native species is increasing.
Why do we need ecosystem accounting?
The value of the timber produced counts towards Australia’s gross domestic product. But cutting trees down also produces a loss. For example, the forest is no longer there for the community to enjoy. And it no longer provides “services” such as filtering water and preventing soil erosion.
There are many reasons to measure the value of those services. For example, governments might then be able to charge a logging company a licence fee which reflects the community value of the forest. A government may decide the forest is too valuable to allow logging at all, or the fee may just be set too high for any company to find it profitable to log it.
To date, the value lost when trees are cut down, or other ecosystems are damaged, has not been included in the national accounts. The new environmental accounts seek to change this.
Ecosystems are complex and difficult to measure, so the ABS was guided by an international framework developed by the United Nations.
The ecosystem accounts are a collaboration between several federal agencies: the ABS, the Department of Climate Change, Energy, the Environment and Water, and the CSIRO.
Boundless plains and golden soil, girt by sea
The accounts distinguish between environmental “realms”.

About half of Australia’s terrestrial (dry land) realm is desert. About a quarter is savanna and grassland. Intensively used land, such as pastures, is a smaller proportion.

Cutting trees down produces a loss, as well as profits. Bob Brown Foundation via AAP
There are contrasts between the states.
Western Australia has 158 million hectares of desert while Victoria, Tasmania and the Australian Capital Territory have none.
Queensland, Western Australia and the Northern Territory host 97% of Australia’s mangroves.
About half of Australia is the marine realm, covering 681 million hectares. Some 30% of this is the marine shelf and 70% deep sea. About 14 million hectares comprise coral reefs. The darker areas in the map below show where most fish are caught.
The coastal realm comprises mangroves and saltmarsh. In 2021, mangroves covered an estimated 1.1 million hectares of Australia’s coastal areas.
A small but important proportion of Australia is our freshwater realm, comprising rivers and streams. The accounts show between 2015–16 and 2020–21, 4% of natural environments along perennial rivers were converted to higher intensity land uses.
Where to now?
These accounts are just the first step in estimating the value of Australia’s natural assets.
The ABS will update Australia’s ecosystem accounts annually. It describes the inaugural accounts as “experimental” and says the government agencies involved will run a consultation process to improve them.
We can expect the accounts to become more useful over time as data accrues and trends can be identified.
According to the ABS, policy uses for the accounts include managing healthy and resilient ecosystems, and integrating biodiversity into planning.
Poet and playwright Oscar Wilde defined a cynic as someone who “knows the price of everything but the value of nothing”. In today’s society we often underrate things that do not have a dollar value attached.
So this compilation of Australia’s ecosystems, and their value to us, is a welcome development. It should lead to more informed, holistic decisions about whether natural assets should be protected, or damaged for economic benefit.

THE FINANCIAL ARGUMENT FOR GREEN ASSETS – from Bendigo Bank*
Climate change is increasingly impacting people, businesses, the environment, and the economy.
Many businesses are taking steps to understand and manage risks and challenges associated with climate change. Many are also taking advantage of the new opportunities it presents.
Bendigo Bank has committed to reducing emissions and supporting customers in the transition to a 1.5oC future. Our Climate and Nature Action Plan sets out how we support our customers, communities, people and business to… adapt to the impacts and opportunities of climate change.
Bendigo Bank has set public targets to reduce our carbon emissions and impacts on the environment and nature in our operations. We are also helping our customers take steps to mitigate, adapt and respond to climate change. Many businesses and communities are already taking action, with green assets a key way businesses can do this.
Bendigo Bank’s use of renewable energy solutions “Bendigo Bank recognises the impact renewable energy systems can have in cutting emissions. We are keen to ‘walk the talk,’” said Brooke Pettit, Head of ESG and Sustainability at Bendigo Bank.
“Bendigo Bank is powered on 100% renewable energy, wherever we control the electricity contract. In addition to this, some Community Bank companies have installed solar panels on their branch buildings to help reduce their carbon footprint and lower operation costs,” she said.
“Considering other green assets can help scale impact. Opened in 2008, our Head Office in Bendigo was the first 5-star Green Star building in regional Australia. It incorporates features including water recycling, solar hot water, and underfloor air-conditioning.”
What are green assets?
A green asset is anything which helps to reduce the energy, water, or natural resource usage of your business. This includes electric vehicles and charging equipment, or solar panels and inverters. Other examples are storage batteries and energy or water saving technologies.
In 2002, Bendigo Bank was the first bank to offer green loans for green assets.
Solar panels
Businesses can benefit from installing solar panels to generate electricity. In addition to lower bills, the Australian Government’s Small-scale Renewable Energy Scheme (SRES) provides incentives for installing solar panels and other renewable energy systems. Separately, through the Small Business Energy Incentive, small businesses can receive an up to 20% tax deduction for investing in energy-efficient upgrades.
Batteries
Real-world emissions reductions can also come in the form of battery installation, electrification of gas-based appliances and enhanced insulation. There may be higher upfront costs.
Why green assets?
Investing in green assets is a good move now and into the future, and it can offer benefits…
Reducing energy or resource consumption can reduce business costs and improve productivity.
In the short-term, this can mean lower energy bills. Adapting early can also mean greater climate resilience and preparedness in the longer term.
Of course, the exact impact on a business will depend on many factors, including the payback period. This is the time over which the energy savings equal the initial cost of the asset.
* Our Society switched its banking business to Bendigo Bank a few years ago, mainly because of its green credentials.

Nature Conservation Council, The Voice for Nature in NSW
[Last month]: Forestry Corporation NSW (FCNSW) has once again been fined for destroying critical threatened species habitat—this time in Conglomerate State Forest, north of Coffs Harbour.

What did they destroy?
Hollow-bearing trees that take centuries to form—lifelines for endangered Greater Gliders and Yellow-bellied Gliders. And yes, this devastation is happening inside the assessment area for the Great Koala National Park—another reckless blow in the 8,000+ hectares of destruction FCNSW has inflicted over the last 18 months.
It can take hundreds of years for hollows large enough to shelter a Greater Glider or a large forest owl to form. It takes FCNSW only a moment to destroy them.
For 70 years, Nature Conservation Council of NSW has fought to protect our forests, wildlife, and the future of our irreplaceable biodiversity. We know that real change takes time, persistence, and people power.

That’s why we’re ramping up pressure on the government to:
•Fully protect the Great Koala National Park.
•End outdated Regional Forestry Agreements that exempt FCNSW from threatened species protection laws.
•Strengthen threatened species protections to stop FCNSW from destroying critical habitat, paying a fine, and doing it all over again.
End native forest logging in NSW — forever.

NEWS FROM THE BOOMERANG ALLIANCE:
ENVIRONMENT/INDUSTRY GROUPS AGREE ON PACKAGING WASTE ACTION
With the Federal election likely to delay much-needed packaging reforms, industry and environment groups are taking a stand.
Boomerang Alliance initiated discussions with the key industry players and now we and ACOR, WMRR, APCO, and Soft Plastics Stewardship Australia have released a joint statement calling on the next Government to introduce a mandatory Extended Producer Responsibility (EPR) scheme for packaging by 2026, including targets, full coverage of the packaging life cycle and soft plastics.
Why does this matter?
The Commonwealth Government’s recent packaging reform consultation revealed overwhelming public support for stronger action:
•80% of respondents support Commonwealth regulation on packaging.
•65% back a mandatory EPR scheme to make producers responsible.
•88% support a soft plastics collection service funded by packaging producers. (YouGov Poll 2024)
EPR schemes work. Just look at container refund schemes—before their introduction, collection rates were below 30% in most States. Today, the national average is over 65%, proving that effective regulation drives real change.
It’s time for the next Government to act. We need packaging laws that reduce waste, increase recovery, and build a true circular economy.
How you can help:
•Sign our open letter to the incoming Federal Government.
•Write to your Federal Candidates to demand action.
•Donate to power our work. Our advocacy campaigns are crowdsourced and we're proudly independent, thanks to our incredible community.

NATIONAL PARKS AND WILDLIFE SERVICE – Good News in March:
Protecting vulnerable species with feral cat and fox free areas

We’re establishing a network of feral cat and fox free areas in NSW national parks to protect vulnerable native species. With 5 sites already in action, and 5 more being established, we have remarkable results. A total of 13 species previously listed as extinct in NSW are now back in NSW national parks. Wild populations of the bilby, golden bandicoot and brush-tailed bettong at Sturt National Park have tripled since reintroduction in feral free areas.
This project is part of our commitment to achieving zero extinctions in NSW national parks.