Different tourism stakeholders mean different things by 'yield' and this presents a barrier to communication and policy discussion. Primarily, this paper provides an overview of different concepts of yield. It also operationalizes several of these measures using inbound tourism expenditure data for Australia so that the origin markets and market segments identified as generating high yields under the various measures can be compared. The paper further identifies the manner in which the concept of yield can be broadened to embrace sustainable yield by incorporating measures of environmental and social impact. It concludes with a discussion of the policy implications of the study.