Over the last ten years, the efficacy of heritage as a public good in society has been in steady decline. In 2006, the Productivity Commission (PCR 2006) inquired into the management of Australia’s historical heritage places. It found that more than 90% of the approximate 150,000 listed items nationwide is privately owned, but recommended nonetheless that Australian governments (Federal, State and Local) should withdraw from any direct involvement in the funding of such places. This recommendation has not been helpful. Heritage is under threat from a number of different sources. Under neo-liberal government policy, heritage as a private good has become marginalized. Economically, Australian planning frameworks have not properly embraced the real cost of maintaining the stock. In the meantime, owners have become alienated from their listed buildings due to a lack of funding from government or community sources. This paper outlines present threats to privately-held heritage resources in the absence of significant financial support from the state. It canvasses alternative policies for providing heritage support within local planning frameworks.