This report examines the factors that influence course completion by young Australians who commence university. It also documents the labor market outcomes of those who enroll at a university but who leave before obtaining a qualification. It analyzes data from the Longitudinal Surveys of Australian Youth (LSAY) program to address these questions. The data are from a sample of young people who were in Year 9 in 1995 and who commenced higher education between 1998 and 2001, that is within three years of completing Year 12. By mapping the pathways followed by the same group of young people over an extended period of time using annual data collected on their education, training, and labor market activities up until 2004 when they were approximately 23 years of age, longitudinal analyses can add to the understanding provided by other data sources on the university sector. The results of this study suggest that university non-completion has not had substantial negative effects on the transition to the labor market compared to other groups of young people, with the important exception of university course completers. The following is appended: Measures and Frequencies. (Contains 16 tables and 1 figure.) [This report forms part of the Longitudinal Surveys of Australian Youth, a research program jointly managed by ACER and the Australian Government Department of Education, Science and Training (DEST).]