This paper was a keynote address at the Australian Vocational Education and Training Research Association (AVETRA) conference held in Canberra in April 2012. The author notes that industry is arguably the key stakeholder in the Australian vocational education and training (VET) sector, but is not a single actor nor a disinterested consumer of training. Rather, industry consists of a range of bodies, all of whom are active players in the sector. The paper discusses six areas of research which are pertinent to industry. These areas are: (1) the value of completing an apprenticeship or traineeship; (2) the role of wages in completion rates for apprenticeships and traineeships; (3) the value of completion of VET qualifications; (4) the level of matching between what people are training in and the jobs they get; (5) the role of VET in innovation; and (6) VET and workforce development. All of this research raises questions about VET and industry, either in terms of how public training funds are allocated or the educational principles on which VET is based. In particular, the major points made are that the value of training is quite variable and this should be a consideration in its public funding, and the narrow industry focus of VET needs to be leavened with more general education. (Contains 5 tables, 8 figures and 2 footnotes.)