The document summarizes an industry briefing on Victoria's recently released Biodiversity Conservation Strategy (BCS). The BCS provides an overarching framework for long-term biodiversity protection within and outside Melbourne's urban growth boundary, while providing certainty for developers. It establishes conservation reserves totaling over 5,700 hectares and offsets the cumulative loss of ecological values from urban development. The briefing addressed the costs of offsetting ecological values under the BCS for different areas and species. Several outstanding implementation questions were also discussed.