The state of vocational education and training (VET) in Australia in 1997 was evaluated by collecting data on the following key performance measures: participation and achievement in VET; employer views on VET; student outcomes from VET; VET's benefits for particular client groups (females, people from rural and remote areas, indigenous Australians, people from non-English speaking backgrounds, and disabled people); and public investment in training Australians. The data were analyzed within the context of information about Australia's economy and labor market. It was discovered that, in 1997, nearly 1.5 million Australian students (68,000 more than in 1996) participated in VET programs delivered through public funds combined with fee-for-service provision through public providers. More than three-fourths of participants undertook VET through technical and further education (TAFE) institutions. Expenditures on VET in Australia in 1997 were estimated at more than $8 billion, with governments and enterprises each providing 45% of that amount and individual investments accounting for the remaining 10%. Although employer, student, and graduate satisfaction with VET and TAFE was high, several areas of additional improvements in VET and TAFE delivery were identified. (Appended are additional technical data and notes on the data collection and adjustment processes used. Also included are 107 tables/figures.) (MN)