The present suite of perceived exclusive private property rights for Victoria's farmers to manage land and the services it provides began with allocation of Crown land in the early 19th century. Since then successive governments attempted to balance the needs of the people for food, fibre and shelter with the private rights of farmers, and demands from conservationists. More integrated systems of natural resource management have developed from an increased understanding of environmental management on the part of both primary producers and conservationists, and recognition of the services provided by ecosystems. Now the nature of property rights over natural resources is being transformed. A feature of the shift towards land stewardship and sustainable agriculture is the use of market-based instruments and trading in ecosystem services. But who owns the right to ecosystem services? Are the values from ecosystems a common right for all or property to be traded by farmers?