The economic values associated with conserving remnant native vegetation (RNV) on private property in Northeast Victoria and the Murray catchment NSW were assessed. Depending on the assumptions made, the net economic costs to landholders of a change from the current situation to a proposed conservation scenario in Northeast Victoria ranged from $113.0 million to $30.9 million. The corresponding figures for the Murray catchment were $52.9 million to $35.1 million. Community willingness to pay for RNV conservation was assessed using choice modelling. The aggregate benefit of conserving RNV in Northeast Victoria was $60.7 million, and in the Murray catchment $75.6 million. The catchment benefits were assessed in terms of the role RNV conservation plays in mitigating dryland salinity and contributing to carbon sequestration. These net benefits over a 40 year period were estimated to be $7.4 million in Northeast Victoria and $7.9 million in the Murray catchment. The three value components, net on-farm costs, community benefits and catchment benefits, were integrated into a benefit cost analysis. The results of the analysis indicated that under most conditions, there was a net economic benefit in conserving RNV. For example, given a 5 year time horizon and a discount rate of 7 per cent, governments could spend up to $29.8 million in Northeast Victoria and $40.5 million in the Murray catchment and still achieve a net economic benefit, provided conservation outcomes were achieved. A publicly funded incentive policy that enabled landholders to manage their RNV according to the conservation scenario would, under most circumstances, yield net economic benefits.