The cost of buying, carting and spreading limestone, relative to the value of broadacre crops, makes investment in liming a questionable proposition for many farmers. The longer the beneficial effects of limestone persist, however, the more the investment in liming becomes economically favourable. We re-established previous lime trials with the aim of measuring the long-term effects of limestone on surface acidity (pH run-down), subsurface acidity (lime movement) and grain yield. The study made use of experiments where there was adequate early data on soil chemical properties and cereal yields. We report data from 6 trials located at 4 sites between Dubbo and Albury in New South Wales. The rate of surface soil (0–10 cm) pH decline after liming was proportional to the pH attained 1 year after liming. That is, the higher the pH achieved, the more rapid the rate of subsequent pH decline. Since yields (product removal) and nitrification (also acid producing) may both vary with pH, the post-liming pH acts as a surrogate for the productivity and acid-generating rate of the soil–plant system. The apparent lime loss rate of the surface soils ranged from the equivalent of nearly 500 kg limestone/ha.year at pH approaching 7, to almost zero at pH approaching 4. At commercial application rates of 2–2.5 t/ha, the movement of alkali below the layer of application was restricted. However, significant calcium (Ca) movement sometimes occurred to below 20 cm depth. At rates of limestone application exceeding the typical commercial rate of 2.5 t/ha, or at surface pH greater than about 5.5, alkali and Ca movement into acidic subsurface soil was clearly observed. It is therefore technically feasible to ameliorate subsurface soil acidity by applying heavy rates of limestone to the soil surface. However, the cost and risks of this option should be weighed against the use of acid-tolerant cultivars in combination with more moderate limestone rates worked into the surface soil.There was a positive residual benefit of limestone on cereal grain yield (either barley, wheat, triticale, or oats) at all sites in both the 1992 and 1993 seasons. While acid-tolerant cultivars were less lime responsive than acid-sensitive ones, the best yields were generally obtained using a combination of liming and acid-tolerant cultivars.The long-term residual benefits of limestone were shown to extend for beyond 8–12 years and indicate that liming should be profitable in the long term.