Irrigation requires large volumes of water with consequent effects on the supplying river system and on the receiving landscape. In regions where the continued availability of quality water is becoming more constrained, the benefits and value of irrigation compared with other possible uses of water is increasingly questioned. How much is irrigated production worth, what economic and social benefits are derived and what are the environmental consequences of continued irrigation practice? This study looks at a large irrigated area of south eastern Australia and brings together the bio-physical and socio- economic information that illustrates the use of resources, the water productivity and the differences in performance of different regions. It forms the basis for assessing the limits to conveyance efficiency, application efficiency and water productivity. At the same time, the environmental consequences of water use and irrigation practice are becoming more apparent so that the trade between productive use of water and resource maintenance are better understood. From this analysis it is possible to identify where new opportunities might be available and how irrigation might adapt to an increasingly variable resource and market environment.