The Australian Soldier Settlement Scheme after World War I is generally acknowledged as a policy failure with few applicants ultimately able to transition to life as successful farmers. The existing literature, as well as the influential Pike Report highlights systematic failures by the government. Poor planning, a lack of training, inconsistent decision making, and a slow and inflexible bureaucracy, are often cited. This article considers the small settlement in the Boyne Valley in Central Queensland and argues that, in addition to the scheme being poorly managed a lack of human capital was the most significant factor leading to failure. Drawing on an analysis of 104 Dead Farm Files held in the Queensland State archives, this article argues that failure would have been likely even under a well-managed scheme as too many of the men were damaged mentally and physically from their war experience.