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The issue addressed in this paper is the appropriate source of funding for rangeland rehabilitation. From an economic rationalist point of view, two questions are pertinent to this policy issue. Is it profitable for private managers of pastoral properties to rehabilitate rangeland? If not, then on what grounds might it be in the public interest to do so? Evidence is presented that it is profitable to rehabilitate slight to moderately degraded range, but unprofitable to rehabilitate severely degraded range. The relevance of various market failure arguments to the case for public funding of rangeland rehabilitation is then discussed.