This study reports the result of a survey of IT investment decision making in S&P300 ASX listed Australian firms. Unlike previous studies that focus mostly on IT investment justification, this survey explores the procedures and activities utilised by these large Australian firms during the four major decision making stages of IT investment: planning, evaluation, implementation and post-implementation review. An analysis of the responses reveals an unenthusiastic attitude by management towards IT despite the ongoing development of decision making theories and evaluation techniques for IT investments. We argue that a lack of strategic view of IT still presents the most significant obstacle in IT adoption and benefit realisation.