The economic wealth of Australia is underpinned by its remarkable biological diversity. However, land and water degradation are eroding Australia's natural asset base damaging industries such as tourism, fisheries, and forestry. Given limited funds for biodiversity conservation, we need to minimise the misallocation of resources by making wise investments. This research will result in frameworks and tools to ensure that we maximise the protection of biological diversity and the delivery of ecosystem services (such as clean water) that are important for human well-being. We will share the results of our research with decision makers, scientists, and the general public.