Keystone species can provide a focal point for designing conservation and management strategies that protect a diversity of social–ecological values in aquatic ecosystems; however, to avoid bias towards a subset of values associated with a single activity, such as fishing, stakeholder consultations must cover a spectrum of social perspectives.
Using the Murray crayfish (Euastacus armatus) as a model, this study explored how Aboriginal Traditional Owners, landowners, tourism businesses, scientific researchers, non‐governmental organizations, and government agencies valued this threatened freshwater species across south‐east Australia.
Qualitative methods revealed that E. armatus is a culturally significant species, targeted for fishing, but is also valued for a range of non‐extractive reasons that support social–ecological linkages between people and freshwater ecosystems.
Perceived as an iconic species by most stakeholders, there was general support for E. armatus to be used as a flagship for conserving a spectrum of social–ecological values (e.g. Aboriginal Traditional Owner totem species), attached to their local freshwater ecosystems. Although stakeholders were conflicted over whether fishing should continue, four themes emerged on how to develop more equitable and effective conservation and management strategies: increased public education, co‐management with non‐government stakeholders, federal government co‐ordination, and spatial protection of critical areas.
The protection of aquatic species in ways that support their full range of cultural, economic, and ecological values will require more bottom‐up (i.e. stakeholder‐led) approaches to conservation and management design. Broader stakeholder engagement and co‐management should reduce perceptions that local stakeholders are isolated from management processes, while increasing the capacity and confidence of managers to implement strategies that bolster both the social and ecological resilience of aquatic ecosystems.