What is a koala worth? Studying the economics of wildlife

A group of students has traded the textbooks for the great outdoors, visiting Warrawong Wildlife Sanctuary to see firsthand how economic principles shape animal conservation.

From managing budgets and funding sources, to balancing tourism with environmental protection, the Year 10 Stage 1 Economics students gained insight into the financial challenges and strategies that keep the sanctuary running.

The trip offered a opportunity to connect classroom theories with real-world applications, sparking discussions on sustainable business models and the economic value of preserving nature.

Economics teacher Henry Green said Warrawong owner David Cobbold provided answers to some intriguing questions, including “what is a koala worth?”.

“David responded by explaining not only the numerical value these animals hold, but also their societal value,” Mr Green said.

“For many, koalas represent a symbol of Australian wildlife and their worth goes far beyond economics – they’re a symbol of conservation and community pride. People want to engage with Australian wildlife.”

Mr Cobbold also shared the fascinating story behind Warrawong’s history.

In 1969, Dr John Wamsley, a visionary wildlife conservationist, purchased a 35-hectare dairy farm in Mylor and began his mission to restore the land and protect native species from the destruction of feral predators.

He famously eradicated feral animals and plants, constructing a 2.1m-high, feral-proof fence that would set Warrawong apart as a safe haven for wildlife.

This was a world-first approach to wildlife conservation and the sanctuary soon became a thriving ecosystem with koalas, kangaroos, wallabies and many more species of native wildlife.

Warrawong closed in 2013, but, in 2017, Mr Cobbold and his partner, Narelle, bought the sanctuary and set about reviving the once-popular tourism destination.

“When we realised we could not only revive a national treasure, but also create a future for our family, it became a personal crusade,” Mr Cobbold told the students.

Today, Warrawong is reinvigorated, with plans to expand its animal research and education programs. The platypus pond is one of the sanctuary’s centrepieces and Mr Cobbold has big plans to establish platypus research and breeding facilities.

Despite challenges, including threats from foxes and wild cats that have breached the feral-proof fence, Warrawong remains dedicated to preserving Australia’s precious wildlife.

Student Viraaz Laller said the excursion was an “amazing experience” that gave him “new perspective on the economics of running a wildlife sanctuary”.

“We learnt about opportunity costs, financial challenges and the scarcity of conservation. This made me appreciate the effort that goes into protecting the native animals of Australia,” Viraaz said.

“Hearing from David about the true value of every animal, both economically and as a national symbol, was eye-opening. It was great to see how Warrawong balances conservation with business sustainability.”

Fellow student Kyson Ngo said it was interesting to hear from Mr Cobbold about the “struggles and challenges he faced in creating the sanctuary”.

“He explained how he worked to balance the financial aspects with the environmental needs of the refuge,” Kyson said.

Benjamin Stargatt said the excursion would aid the students in their “Designing a Zoo” task.

“Our excursion to Warrawong gave us a special view into what it takes to run a zoo, both economically and environmentally,” Benjamin said.

“The group conversation we had with … David will help us complete our ‘Designing a Zoo’ project with insight from someone who is in the industry.”