Recent Australian government policy for developing northern Australia applies a standard financial approach that disregards the importance of Ecosystem Services (ES), and the significance of associated socio-cultural benefits of ES for the wellbeing of Indigenous people who constitute the majority of the regional rural population. First, we assess available ES valuation methods for estimating non-market and market values of ES from an Indigenous estate, Fish River Station (FRS), representative of {\textquoteleft}typical{\textquoteright} regional savannas. Second, we estimate the direct (fire and weed management) and indirect (foregone income from pastoral enterprise) costs associated with maintaining those services. For valuation of ES, we applied a conventional Basic Value Transfer technique using global databases including available regional studies{\textemdash}providing valuations of USD 286 and 84\ M\ y-1, respectively. However, constituent studies used in these valuations had limited relevance to both the ecosystems and socio-cultural contexts of our study. For evaluating Indigenous socio-ecological benefits of ES, estimated conservatively at USD 2.21\ M\ y-1, we applied a local wellbeing valuation technique. The minimum costs required to maintain ES flows were estimated as USD 5.6\ ha-1\ y-1. Our study illustrates that, to better inform regional development policy, significant challenges remain for appropriate valuation of ES from north Australian savannas, including recognition of socio-cultural services and wellbeing benefits incorporating Indigenous values.