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The park features tall Mountain Ash forests, with an understorey of tree ferns, and gullies of cool temperate rainforest.
Large pristine areas of these and other vegetation types are of national and state botanical significance.
The highest elevations, such as Lake Mountain and Mount Donna Buang, are characterised by sub-alpine vegetation, and receive regular snowfalls over the winter months.
Fourteen plant species occurring in the park have been identified as being rare or threatened, including the Slender Tree-fern and Tree Geebung.
Around 40 native mammals are known to occur in the park. The large areas of undisturbed old and mixed-age forests are particularly important for the conservation of hollow-dwelling species including bats, owls and parrots. Among the most significant of these is the endangered Leadbeater's Possum.
The park provides habitat for 120 species of native birds. Hollow-using species found here are the Sooty Owl, Powerful Owl and Barking Owl. Other important species include the Pink Robin, Yellow-tailed Black Cockatoo, Australian King-Parrot and Grey Goshawk. Crimson Rosellas are common.