Recent research on Australia's vocational education and training (VET) system and women in small business was synthesized to identify ways of making VET more responsive to the needs of women in small business. Special attention was paid to the following topics: key issues affecting public policy (globalization, economic development, industry restructuring, the changing nature of work, the growth of small business); small business and VET in the Australian context; and gender and equity issues for women in small businesses and VET. Among the review's main conclusions were the following: (1) conflict exists between current Australian policies on VET and policies on employment; (2) for women, learning "on the job" is still resulting in nonrecognized and nonaccredited learning despite the current climate of high affirmation of credentials; and (3) as Australia's VET system moves to a fully marketed model, issues related to gender and equity are becoming more pronounced, and the lack of congruence between the needs and everyday realities of women in small business is widening. (The report contains 117 references. Appended are findings from a 1997 study on enhancing VET for women training for transitions and notes on the 1997 Women in Small Business management seminars and workshops.) (MN)