Using results from the 2002 Student Outcomes Survey and a follow-up survey of these students in 2004, this report examines outcomes over time of young people aged 15-24 years who undertook technical and further education (TAFE) training in 2001. The report looks at changes in employment, wages and skill level, further study outcomes and other benefits reported from the training. The main source for this report is the Down the Track survey, conducted in September 2004 by the National Centre for Vocational Education Research (NCVER). This survey is a follow-up survey of TAFE students aged 15 to 24 years who undertook training in 2001 and completed the Student Outcomes Survey in May 2002. Data are provided for three time points: six months prior to training; approximately six months after training in May 2002; and approximately two-and-a-half years after training in September 2004. Throughout the report, outcomes are analyzed separately for graduates (students who had completed a full qualification) and module completers (students who had completed at least one module without gaining a qualification and have left the VET system). Data are also examined by subgroups: 15 to 19 and 20 to 24-year-olds; males and females; and for graduates, by qualification completed in 2001. As module completers, by definition, did not complete a qualification in 2001, data have not been analyzed by qualification completed for this group of students. Among the findings were: (1) In terms of employment levels, large improvements were experienced down the track, with an increase of around 20 percentage points from the before-training period to September 2004; (2) Around nine in ten graduates and module completers who were employed in 2002 were also employed in 2004, indicating a high level of stability in employment; (3) From 2002 to 2004, for those employed full-time, wages improved by 32% for graduates and 21% for module completers; and (4) By 2004, in addition to improvements in employment status and wages, nearly half of the employed students had moved to a higher skill level (based on occupation) compared with their pre-training level. Appended is: Survey methodology. (Contains 14 tables and 8 figures.) [This report was published with funding provided through the Australian Department of Education, Science and Training. For "Down the Track: TAFE Outcomes for Young People Two Years On. Support Document," see ED493959.]