Apprenticeships have a very long history in Australia, building on the traditions of the medieval guilds. The essence of the apprenticeship is the contract of training--a legal contract between an individual, an employer and a training provider. The defining characteristic is the combination of employment and training. The purpose of this paper is to describe what we know about apprenticeships and traineeships, with a view to assessing the likely impact of the current economic downturn on them. A table presenting the apprentice and trainee commencements is appended. (Contains 4 tables, 13 figures, and 7 footnotes.) [Funding for this paper was provided through the Australian Department of Education, Employment and Workplace Relations.]