This paper examines discourses and developments of the knowledge economy and learning society in Australia and New Zealand. It outlines the international context of the rise of the knowledge-based economy and sets the New Zealand and Australian debates against this backdrop. A current heightened emphasis on education and learning in both countries is closely aligned with the key imperatives of economic development and competitiveness. Older models of the learning society based more on cultural and humanistic aspirations remain evident and competitive with economic models. Prospects for further innovative development in education and learning across the life course, and across a broader population in democratic societies are considered. The paper concludes that notwithstanding the current influence of singularly economic discourses shaping conceptions of the learning economy and society there is no definitive or triumphant model of the learning society prevailing in Australia and New Zealand.