Multinational corporations are significant in the global economy, and increasingly important to national economies. Based on a literature review and 12 case studies of multinational corporations operating in Australia, the study finds the quality of the domestic VET-skilled workforce is ranked equal third in importance, out of fifteen factors, when deciding to invest in Australia. To make the VET system more attractive to foreign investment, the multinational corporations in the case studies recommended better overseas publicity of the training system, and improvements to literacy, numeracy and production knowledge of lower-level workers in manufacturing.
Australia's competitive success with innovation-based products and services is an influential factor to its long-term prosperity. This study examines the role of vocational education and training (VET) and occupations in innovative industries and firms. The authors find VET is vital to developing knowledge and practical skills across a broad range of occupations, and people in vocational occupations are among principal sources of ideas for technological innovation. Further, innovative firms reported a high level of satisfaction with public and private training, which the authors conclude is due to the high level of consultation between firms and TAFE. However, firms identified the need for employees to develop generic skills, such as working in teams and developing problem-solving and communication skills, as an opportunity for the VET sector to meet unmet demand.