Using 15 years of grazing records from two trials with 31 different sulphur (S) and phosphorus (P) fertiliser combinations on a Tekapo/ Pukaki high-country soil, the most profitable fertiliser combinations for long-term sustainable production were determined from consideration of fertiliser composition, ex-works, transport, and spreading costs, increase in sheep carrying capacities, and discount rates. In a soil with a high natural surface-soil P level, the optimum returns were determined solely by elemental-S fertiliser rates. The estimated greatest net returns from annual applications rates were at 53 kg S ha -1 yr -1 , or between 24 and 39 kg S ha -1 yr -1 if ratio of return versus input was considered. Using carrying capacity response functions and elemental-S oxidation rates, it was estimated that the best longterm sustainable fertiliser strategy was for 5-yearly applications of 250 kg ha -1 of 2.2-mm coarseparticle elemental S.