The Hay Gaol is of local historical and social significance as one of several grand buildings that represent Hay's unfulfilled promise of becoming the capital of the Riverina, for its temporary roles as a maternity hospital (1920 to 1930) and as a site of emergency accommodation during the 1952 and 1956 floods and more recently for its museum collections relating to the social and pastoral history of Hay. As a substantial building complex sited near the centre of the township it is an iconic building in Hay. As one of a network of five vibrant and collaboratively managed museums supported by the Hay Shire Council, the Gaol along with Hay's other museums underpin cultural tourism development in the town and as such are important to supporting and diversifying the local economy.