Issues concerning the long-term environmental and health risks associated with the production of genetically modified foods remain highly topical in Australia. It is unclear how consumers values for a precautionary approach to the release of genetically modified crops compares to the opportunity costs of forgoing economic growth associated with the use of these technologies. In this paper, an application of the contingent valuation method is reported. That technique was used to estimate quasi-option values held by consumers regarding a potential five year moratorium on the use of genetic modification in Australian agriculture. The results are compared to the estimated opportunity costs of imposing such a ban o Queensland consumers.