Outcome measures are one of three key dimensions of the performance of Australia's vocational education and training (VET) system. The government, employers, students, and the broader community all share an interest in ensuring that Australia's VET system produces skills needed in the labor market. However, each group's views of what constitutes a valid outcome measure are unique. Australia has established the following seven key performance measures for assessing the VET system: skill outputs produced annually within the domain of formally recognized VET; stocks of VET skills against desired levels; employers' views on the relevance of skills acquired through VET; student employment outcomes and prospects before and after participation in VET; VET participation, outputs, and outcomes achieved by specific client groups; actual public expenditure per publicly funded output; and actual public expenditure per total recognized output. Outcome measures designed to assess delivery of VET in schools are less developed than are those intended for the postschool sector. The literature review revealed that the following topics require further research: labor market outcomes; equity in VET; youth unemployment and VET; funding the training market; matching supply with demand; and VET in schools. (Contains 52 references.) (MN)