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As the most biologically diverse land-based ecosystems, forests play a vital role in sustaining life on Earth and maintaining planetary and human well-being. Curbing deforestation and forest degradation, rehabilitating forests in areas impacted by unsustainable practices, and enhancing forests' contribution to climate change solutions represent worldwide objectives with varied local implementation possibilities and obstacles. Indigenous custodians currently oversee one-third of Australia's forests, primarily for conservation and ecological benefits, while government bodies manage another third. Commercial timber production mainly occurs in plantation forests. Agroforestry systems boost farm productivity and environmental sustainability. City forests enhance urban livability and citizen health. Sustainably sourced timber, frequently termed 'nature's perfect renewable resource', now serves as the foundation for innovative engineered materials and construction. Globally, diverse forest ecosystems and their sustainable management for multiple benefits and resources are undergoing transformative rethinking.