The study provides an overview of the Education and Local Development (ELD) projects conducted in Western Australia, Victoria, New South Wales, and Tasmania as part of the OECD/CERI (Organisation for Economic Co-operation and Development/Centre for Educational Research and Innovation) project. The CERI ELD project was planned to investigate: the role education may play in creating the pre-conditions for local development; the role education may play as an agent directly stimulating employment opportunities; the appropriate balance for education's effects on individual fulfillment, community development, and the interests of society as a whole; and the degree to which, and the ways in which, policy makers from both education and development agencies need to work together to achieve development aims. Sections of this report address: the project background; the Australian ELD projects; how education can lead directly to local economic development; how education gives indirect support to local economies; education and local political development; how education can support local society and culture; education as a partner in the provision of joint resources; how education can inhibit local development; unlocking local resources; and the conclusions. (AH)