Regulations to protect native vegetation on farms have now been enacted in all States of Australia. The general impacts of this kind of legislation can be considered as an opportunity cost reducing potential farm incomes and land values. The consequences can be summarised as a series of ten facts and one question, all of which can be applied generally across the states and regions of Australia, however, there are specific data and examples available from NSW. The facts concern the role of governments and the probability and extent of an economic cost to farmers. The 'question' concerns the remaining issue still to be addressed – How much native vegetation should be protected? There may never be an answer to this question but the trade offs between area protected and opportunity cost must still be explored.