The native title debate has been one of the most acrimonious and divisive political debates in Australia’s history. The historic task of reconciliation requires a just settlement of the claims by Aboriginal and Torres Strait Islander people to land. The authors of this paper conclude that legislated extinguishment would be a severe and enduring blow to reconciliation and that negotiation is essential. The paper stimulates discussion about the interaction between land use planning and management and native title, and explores the factors involved in the valuation of land subject to native title.