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The Victorian Qualifications Authority (VQA) commenced work on the credit matrix (an approach to describing and comparing achievement that could be applied to all post compulsory qualifications in Victoria) in 2002. In 2003 a statewide consultation process was undertaken. This paper offers a brief overview of the outcomes of the consultation process. It also briefly describes some of the initial technical work on the design of the credit matrix which was commissioned and carried out during the same period. Finally, the paper outlines the next steps in the development of the credit matrix. These steps include the commissioning of further development work, the setting up of models in specific fields, industries or locations and a program of ongoing informal consultation. As well, close links will be maintained with other initiatives both in Melbourne and nationally and further work will be done on involving industry and higher education institutions in the process.