This report provides a review of a consultancy performed by Environmental and Resource Economics. Two goals were addressed in the course of the consultancy: 1. to undertake a rigorous testing of the Contingent Valuation Method (CVM) as a technique for estimating the value of non-market benefits and costs; and, 2. to provide estimates of environmental damage to wetlands in the Upper South East of South Australia (USE) .

In this issue: Pan evaporation defying the trends: new research; Masters of Climate revisited Innovative farmers coming through drought; Managing Climate Variability million dollar boost; New faces for MCV; Irrigator banks on climate

Water is central to the law and culture of Aboriginal people in Central Australia. There is a potential risk to the cultural values placed on this tangible and spiritual resource when water is diverted or used for economic, recreational or domestic purposes. A range of local to international policies, legislation and guidelines now entitle the interests of Aboriginal people. There is a need to develop case studies that demonstrate how Aboriginal values and their provision can be articulated to decision-makers in effective ways. Cultural water provisions are the equivalent of water allocations to other water users nd are the mechanism to protect cultural values of water.

LAND AND WATER RESEARCH AND DEVELOPMENT CORPORATION STAKEHOLDERS REPORT 1999

Stories from 26 farms across Australia are about families, businesses and environments. They show something of how farmers consider different information and make decisions which are right for them, taking into account their financial, social and environmental sustainability.

This issue of Rip Rap has articles discussing techniques for knowledge sharing that may assist the adoption of research findings for improved river and riparian management.

In this issue: Focus on Shepparton Irrigation Region; Irrigation a risky business: Study findings; New NPIRD projects

In this issue: Focus on Southern Rural Water; New sustainable irrigation program; Project update; PRD makes Top 100

This research report provides a detailed analysis of the regulatory process literature in order to identify opportunities to improve environmental regulatory development. It draws on lessons within Australia and overseas to present comprehensive recommendations that could be utilised by governments to ensure better environmental regulatory outcomes for farmers and the wider community. Based on their analysis,the researchers propose reform of: the fundamentals of Australia's natural resource management systemencompassing the architecture of environmental law; the way in which strategies are formulated and accountfor market instruments; the regulatory process; and the financing mechanisms used.

This report is a synthesis of the interim findings of Grain & Graze, attempting to come to grips with managing complex systems and providing guidance to producers and their advisers on those practices and decision-making processes that will help lead to better profits, better farms, better catchments and better lifestyles.