The relation between the stocking rate of dairy cows and their production from irrigated perennial pasture, with and without nitrogen (N) fertilizer, was studied over 2 years at Kyabram, Victoria. Pastures were rotationally grazed at stocking rates ranging from 4.4 to 8.6 cows ha-1. In each year, N treatments were topdressed four times at a rate of 56 kg N ha-1. For every additional cow per ha, production per ha decreased by 260 and 329 kg of milk, 12.3 and 15.5 kg of butterfat, and 10.7 and 14.5 kg of protein for years 1 and 2, respectively. In year one, the highest production of milk and butterfat (17,900 and 847 kg ha-1, respectively) was from cows stocked at 8.6 cows ha-1, and for protein (597 kg ha-1) from 7.6 cows ha-1. In year 2, production per ha of all milk products maximized and then declined. Maximum production of milk and butterfat (14,180 and 675 kg ha-1, respectively) was at 6.6 cows ha-1, and protein (508 kg ha-1) at 5.9 cows ha-1. Increasing stocking rate also reduced the liveweight of cows at all times. Topdressing with N fertilizer had no effect on total milk or butterfat production per cow, but consistently increased protein production. The range in response increased from 2 to 7 kg protein per cow at 4.4 and 8.6 cows ha-1, respectively. Application of N fertilizer increased liveweight per cow, with greater increases occurring at high stocking rates. In year 2, the efficiency of butterfat production over the whole year was 29.9, 29.3 and 37.0 kg of DM (pasture and supplements) per kg of butterfat produced for 4.4, 6.6 and 8.6 cows ha-1, respectively.