The three-pronged plan - effective stewardship of the land, better economic use, and improved relationships with lessees and high-country communities - was announced yesterday by Agriculture Minister David Carter and Land Information Minister Maurice Williamson.
Following the Crown's decision last week to appeal the Minaret Station rent case, the plan confirmed the Government's commitment to implementing pastoral lease rents based on the earning capacity of a property.
It also rescinded the previous Government's lakesides policy which effectively prevented leasehold properties within 5km of lakes from entering into tenure review.
Lakeside leases will now be considered on a case-by-case basis.
High Country Accord chairman Jonathan Wallis, of Minaret Station, described the new policy as "very sound".
The objectives were practical and achievable and reflected an understanding that conservation and farming could co-exist as part of sustainable enterprises.
The commitment to rebuilding relationships between the Crown and high-country farmers was particularly welcomed.
"Coupled with the recognition of the iconic nature of high-country farming and its contribution to New Zealand culture and identity, this will, hopefully, put to an end an unfortunate era in which farming families were under constant attack by their own government," he said.
The lifting of the ban on lakeside properties from entering tenure review was "inevitable".
The previous policy was based on the premise that tenure review would automatically lead to unsustainable or inappropriate development on what was previously public land but that was "completely incorrect", Mr Wallis said.
Tenure review did not mean farmers were given a right to develop or subdivide.
Both those activities were subject to district planning regimes under the Resource Management Act.
"No-one has ever supported or endorsed unsustainable or inappropriate development, but it is for the district planning process to decide where to draw the line," he said.
The new policy no longer envisaged the creation of a network of high-country parks, reflecting the fact there was already a considerable network of conservation land in the South Island high country and that there were options other than Crown ownership when looking to achieve conservation outcomes, Mr Wallis said.
The policy surrounding the rental formula on pastoral leases was still an area of concern.
Until the Crown explained the exact nature and intent of its High Court appeal in the Minaret case, there was an element of "not knowing where it will lead".
The prospect of further litigation was disappointing, he said.
Federated Farmers national vice-president and former high country committee chairman Donald Aubrey said the new objectives were "a big step in the right direction" and it was a far more pragmatic approach.
He was disappointed the pastoral lease rental issue remained unresolved.
Labour's Land Information spokesman Iain Lees-Galloway said the changes could lead to greater foreign ownership of New Zealand's high country heritage.
Lakeside high country properties in places such as Wakatipu, Wanaka and Tekapo "could be subdivided and sold off to the highest bidder".
"The potential for environmental harm is immense, as pressure will be applied to grant consents for intense development around lake edges to maximise the profits that can be extracted from the sale of what was once land that belonged to all New Zealanders," he said.