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This review focuses on the economics of vocational education and training (VET) in Australia. It is intended to provide a conceptual framework and empirical foundation that can be used to help address the purposes, role, effectiveness and future shape of VET. It is suggested that the purposes of VET are broader than those captured by outcome measures commonly used by economists, such as the important educational objectives of development of the individual's intellectual capacity and the promotion of a tolerant stable society. Accordingly, the review draws on a broader literature than the exclusively economic, acknowledging the paucity of data in some areas. An important purpose of the review is to help to identify a future research agenda on the economics of VET in Australia.