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This paper examines three questions in relation to intellectual capital: (a) what is intellectual capital?; (b) why is it increasing in recognition and importance?; and (c) how is it relevant to vocational education and training (VET)? The author briefly outlines an Organisation for Economic Co-operation and Development (OECD) symposium on the development of indicators of intellectual capital, held in Amsterdam in June 1999. The paper also draws on research undertaken in Australia and an appended report to this paper in which case studies on human resource reporting are discussed is indexed at TD/TNC 60.65. The author suggests that intellectual capital is increasingly being recognised as an important element in determining the financial success of enterprises. Preliminary research in Australia finds that expanded information about human resources could potentially affect enterprise decision-making about investment in human resource development and this in turn has the potential to impact on the demand for VET.