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Summary: Most of the plantation impact studies reported in literature normally use either one of the sensitivity-based approach or a hydrological model with few actually comparing the impact results from these different approaches. This paper investigates the impacts of increase or decrease in plantations and climate variability on streamflow using two approaches: the sensitivity-based approach (including a non-parametric model and six Budyko framework based models) and the hydrological modelling approach (using Xinanjiang and SIMHYD models) for three medium sized catchments in Australia. The results from the nine methods show that both plantation expansion/reduction and climatic differences can have major effects on catchment streamflow. There is a small variability in the reduction or increase in streamflow estimated by the nine methods. The results from this study show that the estimates of plantation impacts from the dynamic hydrological models are similar to those from the commonly used sensitivity-based approaches. The sensitivity-based approaches are only applicable where long term datasets are available and they only provide results at a mean annual time scale. The hydrological models simulate plantation impacted streamflow time series and so they can be used to estimate the relative contributions of land cover changes and climate change/variability at a daily, monthly or annual time-step. The outputs from the hydrological models can also be used to investigate the impacts of plantation expansion or reduction and climate change/variability on different runoff characteristics. [ABSTRACT FROM AUTHOR]