Prepared by the Australian Council for Educational Research (ACER) under an agreement with the Australian Government Department of Education, Science and Training (DEST), this report has three broad aims: (1) To describe the relationship between life satisfaction and participation in a range of post-school education, training and labour market activities each year between 1999 and 2002; (2) To assess whether the relationship between life satisfaction and post-school activities holds after prior levels of life satisfaction are taken into account; and (3) To assess whether movement between activities in the post-school years is associated with changes in life satisfaction. In particular, are changes in activities that result in an increase in the amount of time spent in formal activities such as study or employment (such as moving from joblessness into employment, or moving from part-time employment into full-time employment) associated with increases in life satisfaction? Are changes in activities that lead to a decrease in time spent in formal activities (such as moving from study or full-time work into part-time work or joblessness) associated with decreases in life satisfaction? Appended to this report are: (1) The LSAY Sample; (2) Variables used in Analyses; (3) Construction of the Life Satisfaction Measures: General and Career Satisfaction; and (4) Supplementary Tables. (Contains 15 tables and 4 figures.) [This report forms part of the 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).]