In this paper, estimates of value for recreational fishing are reported for three major freshwater impoundments in Queensland, Australia, using both travel cost and contingent valuation methods. Policy analysts often require estimates of value when analysing the importance of recreation against other uses of impoundments, or when considering the potential for further investments, such as with fish stocking programs. Different forms of the travel cost method are used to estimate separate consumer surpluses associated with two key subgroups of recreational anglers: frequent and occasional anglers. A contingent valuation study is used to estimate the marginal values associated with a potential improvement in fishing experience. The results of the travel cost analysis provide strong evidence that recreational values vary between different groups of anglers and across sites, while the contingent valuation estimates provide values for additional marginal benefits of recreational angling.