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This study describes and quantifies the economic benefits resulting from adult and community education (ACE) in Victoria. This analysis is provided to assist the Victorian Government to evaluate the contribution of ACE to the achievement of policy objectives and to the economies of local communities, regions and Victoria as a whole. ACE refers to 'organised adult learning in community settings' and is defined by its centrality of community focus, which distinguishes it from other education sectors. In Victoria, ACE providers are considered to be those providers that are community-owned and managed and not-for-profit. The total economic benefit of ACE in Victoria comprises two components, namely: (1) market benefits, or those that are traded in the market economy; and (2) non-market benefits such as benefits to the health and wellbeing of ACE participants. Within each of these benefit categories, benefits can be further categorised as private, accruing to those individuals participating in ACE, or public, those externalities (or 'spillover benefits') experienced by the wider community. Key findings include: ACE-type study increased the income of individuals by varying amounts depending on age and gender; ACE has the potential to assist participants enter and transition within the labour force; the net present value of additional Gross State Product (GSP) attributable to ACE over the period 2007-2031 is estimated to be $16 billion; non-market benefits, such as increased social capital, volunteerism, decreased crime and intergenerational benefits, are of at least a similar magnitude, although not as easily quantifiable.