A recent assessment of long-term water availability shows a significant decline in streamflow across southern Victoria. Our waterways still bear the legacy of damage from historic, inappropriate land and water use practices coupled with current and emerging threats to waterway health. Restoration or improvement of waterway health is an expensive undertaking and the scale of past damage or current threats often far outweighs the management or investment response. There is a pressing need for significant, continued investment as restoring waterway health is a long-term and large-scale commitment and it can take a generation to realise the outcomes. In a time of global economic downturn, and competing government priorities to meet the needs of a growing population, how can we make a successful case for investment in waterway health outcomes? An exploration of past funding levels in Victoria will show the changing composition of government investment and highlight the critical role that hypothecation plays in a highly competitive funding environment. The strong foundations supporting the history of significant investment in Victoria will be explored. This includes the establishment of statutory authorities with clear roles and responsibilities supported by legislation and state policy direction and an effective regional delivery model. The creation and importance of the Environmental Contribution in supporting sustainable water management for Victoria will be discussed. The Victorian Government's targeted approach to investment and management effort for large-scale restoration projects at 36 waterways across Victoria illustrates the importance of developing a compelling narrative and program logic to support the case for investment in waterway health outcomes.