The findings of this evaluation are encouraging in terms of national benefit. Analysis of 25 separate innovations - which make up about one quarter of Land & Water Australia's total portfolio - shows a return of $1.5 billion against a research cost (present value) of $392 million, or almost 4 to1. If just the Land & Water Australia component of the research investment is considered, there is a return of almost $300 million (present value) from a research cost (present value) of $77 million. Among these projects, returns varied from as low as 1.1 to 1, to as high as 28 to 1. These estimates are conservative as some environmental and social returns are difficult to quantify and were therefore not counted.