A perennial rye-subterranean clover pasture in Western Victoria, Australia, was fertilized at three levels of sulphate of ammonia and subjected to eight cutting treatments over four months in autumn–winter. The cutting treatments simulated deferment of grazing for different periods followed by fortnightly defoliation. Both nitrogen and cutting had significant effects on first cut and total yields for the period. There was interaction between nitrogen, cutting and first cut yield but not between nitrogen, cutting and total yield for the period. The results are used to argue that, in the year of the trial, deferred grazing was likely to have been profitable and nitrogen fertilization to have been unprofitable.