The outcomes achieved by Australia's national vocational education and training (VET) system in 2001 were analyzed in terms of the following performance indicators: (1) recognized VET skill outputs; (2) stocks of skills versus desired levels; (3) employer satisfaction with VET; (4) student outcomes from VET; (5) participation, outputs, and outcomes for client groups; (6) efficiency performance; and (7) total expenditure on VET. Selected findings of the analysis were as follows: (1) although overall levels of participation in VET stabilized, both participation in New Apprenticeships and total training hours continued to grow; (2) one-third of workers held a VET qualification, with the proportion varying widely across different industries and VET qualifications are continuing to dominate in trade occupations; (3) overall employer satisfaction with VET remained high; (4) although many students sought VET qualifications, large numbers of students also met their skill development needs by completing specific modules and/or units of competency; (5) a majority of graduates who had participated in VET for vocational reasons believed that they had achieved their main objective; and (6) expenditure on VET by both government and enterprises appeared to be increasing. (Fifty-seven tables/figures are included. The appendixes detail specific outcomes by each performance measure in 52 additional tables/figures. A glossary is also included.) (MN)