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This presentation uses transitional labour markets as a descriptive device to investigate transitions between employment and other activities in Australia, and the characteristics of those most at risk of labour market exclusion. Using data from the Household, Income and Labour Dynamics of Australia (HILDA) survey, we examined transitions between full-time work, three categories of part-time work, unemployment, unpaid caring, study, retirement, and not in the labour force but not studying or caring. The results show that around twenty per cent of the adult population each year makes a transition into, out of or within employment combined with other activities such as study or caring. Part-time work plays an important role in many transitions. Some groups were at much greater risk of exclusionary transitions. These included workers who had been retrenched within the last decade, those with less than year 12 education, people with long term health problems, migrants with poor English, parents with children under five years of age (especially sole parents), women and Indigenous people. These results support the contention that the moves towards a more flexible workforce may be at the cost of greater risk of exclusion for particular groups. Some policy implications are discussed.