The individual results to vocational education and training qualifications (VET) and the implications thereof for lifelong learning were examined by analyzing data from Australia's 1997 Survey of Education and Training. Private rates of return to various VET qualifications for individuals were calculated by using the internal rate of return, which is the discount rate equating the stream of incremental income from education and training with its costs. Wage regression equations were estimated to explain the full-time wages of male and female employees separately. The following were among the key conclusions: (1) individuals who complete VET qualifications generally receive higher wages than similar individuals who do not complete VET; (2) the wage effects of completing VET qualifications are higher for males than for females; (3) wages vary by VET qualification level; (4) VET qualifications provide continuing benefit to individuals throughout their careers; (5) VET study that does not lead to a qualification may have little effect on wages; (6) returns to VET qualifications are highest for those who work full time and study part time, while undertaking their course; and (7) lifelong learners who work full time and study part time enjoy modest, positive returns for further VET qualifications. Regression results and variable definitions are appended. (Contains 48 references, 30 endnotes, and 6 tables.) (MN)