The town of Birdsville lies on the eastern fringe of the Simpson Desert, central Australia. Home to around 100 people, Birdsville services the surrounding cattle properties and an ever-growing tourism industry. Tourists are drawn to the sand dunes of the Simpson, the ephemeral inland waterways, and to outback driving (Schmiechen, 2004). The Diamantina River forms the focus for life in this dry and variable landscape. The river is fed by monsoonal rains in its northern headwaters; the southern reach of the monsoon varies from year to year, so the river flows episodically. In dry times it exists as a string of disconnected waterholes, but from time to time the river brings floodwaters which transform the landscape and isolate the town of Birdsville for months at a time. In October 2002 Birdsville was host to the Lake Eyre Basin Biennial Conference and Ministerial Forum. The conference sought to provide a forum for members of the Lake Eyre Basin community, government officials, scientists, and others with interest in the region to exchange information relevant to its sustainable management (Lake Eyre Basin, 2002). The conference focused on the values of water resources in the Basin, dividing proceedings into three sessions:`water for making a living',`water for wildlife and nature conservation', and`water for society and culture' (Lake Eyre Basin, 2002). The focus at this conference on values of water is part of a broad trend in environmental and natural resource management to assess the values of nature. In contemporary environmental management the concept of`value' is most often discussed in terms of`valuation', a process that aims to express a`value' for goods and services provided by nature, in order to enable scientific observation and measurement (Farber et al, 2002). But valuation is also a process``through which invaluable and complex ecosystems are reduced to commodities through pricing'' (Heynen and`A