This paper considers three aspects of vocational education and training's (VET) contribution to the labour market: the relationship between their training and the occupations VET graduates work in; the extent to which the qualified proportion of the workforce has increased; and the link between VET and skills acquisition. Finally, some thoughts are aired on the implications of the economic slowdown for vocational education and training. (Contains 10 tables, 3 figures, and 4 footnotes.) [This paper formed the basis of presentations made to the Melbourne Institute's public policy forum of 25 March 2009 and the Australian Financial Review conference, "Taking skills to the world," 7 April 2009. This work has been produced by the National Centre for Vocational Education Research (NCVER) on behalf of the Australian Government and state and territory governments with funding provided through the Australian Department of Education, Employment and Workplace Relations.]