Precaution : principles and practice in Australian environmental and natural resource management by Deborah Peterson, was presented as the Presidential Address to the 50th Annual Australian Agricultural and Resource Economics Society Conference, Manly, New South Wales, 8 - 10 February 2006. Since the late 1980s, the concept of precaution has been incorporated into numerous international agreements and laws, as well as in domestic statutes and policies in many countries. This paper examines the international emergence of the concept and its application in Australia. Despite rapid growth in adoption of the so-called "precautionary principle," the concept remains highly controversial, and its success in terms of improving environmental and natural resource management has been questioned. This paper argues that implementation guidelines are essential to ensure that precautionary decision making is consistent with good decision making principles, and to avoid unnecessary costs and the potential for perverse outcomes. Economists have an important role in contributing to these guidelines and in developing techniques for incorporating uncertainty into decision making. The views expressed in this paper do not necessarily reflect those of the Australian Government or the Productivity Commission.