This report estimates the cost of serious and organised crime in Australia in 2016–17 to be between $23.8b and $47.4b. The report updates the Australian Crime Commission’s estimates for 2013–14, given there have been some major developments in the available baseline data, and some further attempts to improve the costing methodology. As with the previous study, this paper considers the direct and consequential costs of serious and organised crime, as well as the costs associated with preventing and responding to serious and organised crime by government entities, businesses and individuals/households. Although costing methodologies are improving, there remains an ongoing need for government and business to collect better and more comprehensive data on how serious and organised crime affects their operations. It is clear, however, that the economic impact of serious and organised crime on the economy is substantial and growing.