Four Australian cohorts (born in 1961, 1965, 1970 and 1975) were studied between 1980-2000. The life transitions study focused on these three traditional markers of adulthood: (1) moving out of the parental home; (2) establishing an intimate relationship; and (3) buying a home. Incidence of these transitions was analyzed in terms of their relationship to social background, demographic, and labor market factors. The following was found: (1) those born in 1975, especially the females, moved out of the parental home at older ages than in the other cohorts; (2) geographic location and cultural background were two of the strongest influences on leaving home; (3) people, once over age 21, were marrying less and living in de facto partnerships more; (4) educational attainment had a stronger effect on the likelihood of marriage for females than for males; (5) the higher the educational level the less likely a person was to marry before age 25; (6) people were renting homes longer, especially in the two youngest cohorts; and (7) marital status and employment were the only factors with a consistent influence on the likelihood of home ownership. These were among the conclusions included: (1) public policies that target educational participation and employment do influence the capacity for young people to gain independence and complete various transitions into adulthood; and, (2) policies that inadvertently delay attainment of independence can affect Australians' life satisfaction and well-being. (Ten tables/figures are included. The bibliography lists 23 references. Appended are samples and populations; 7 data tables; and multivariate analyses tables). (AJ)