The rates of returns (RORs) to investments in cattle production research programs were estimated using the Akino-Hayami index-number approach. The RORs to investments in the dairy and beef cattle improvement schemes from 1970 to 1996 were estimated to be 51% and 44% respectively. A simple Benefit-Cost model was used to test the robustness of these results. The estimates derived from this method corroborate the previous result for the dairy scheme while the return to the beef scheme reduced to 29%. The estimated returns from these schemes are higher than the returns from aggregate livestock research, which provides some information for decisions on research funding allocations. Given the nature of this research, future cost recovery measures should be pursued with an increasing share of private sector investment.